Coin burning refers to the process of reducing total supply by permanently removing cryptocurrencies from circulation. Here's how it works ⤵️
every quarter until 100,000,000 BNB are finally destroyedThe amount of BNB coins to be burned is based on the number of trades performed on the exchange within a 3-months period. So after each quarter, Binance burns BNB according to the overall trading volume.
However, it seems that a considerable amount of people still fail to understand how Coin Burns are executed. The present article aims to provide relevant information in regards to the burn function and the quarterly BNB Coin Burn events.A cryptocurrency holder will call theThe smart contract will then verify that the person has the coins in their wallet and that the number of coins stated is valid. The burning mechanism only allows positive numbers.
If the person doesn’t have enough coins, or if the stated number is invalid , the burn function won’t be executed. If they do have enough, then the coins will be subtracted from that wallet. The total supply of that coin will then be updated, meaning that the coins were permanently burned. If you execute the burn function to burn your coins, they will be destroyed forever. It's impossible to recover coins after they are burned, and thanks to blockchain technology, the proof of burn can be easily verified on a
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