• BNB has one of the most well-known cryptocurrency burns, with over 44 million BNB having been burned.
• There have been other attempts to emulate this burning process, such as Shiba Inu’s 50% burn, and tokens that have a form of tax on buying and selling.
• Avorak AI is introducing an innovative approach to token burning with their AVRK token, which rewards holders through a live payment routing system.
BNB Burn
The Binance exchange set a goal to burn half of the 200 million supply down to 100 million when creating BNB. So far, over 44 million BNB has been burned, equating to billions of dollars in value. This incredible tokenomics has ensured that BNB has continued to become more valuable since it was created in 2017. As the BNB value increases, the rate of burning will slow down, and once the 100m circulating supply is reached, the burn will stop.
BNB Bridge Exploit
In 2022, the bridge that allows movement between the BEP-2 BNB Chain and the BEP-20 BNB Smart Chain was exploited. This meant that the BNB supply increased by 2 million coins to 202 million but did not stop the planned reduction of supply to 100 million as outlined in a blog post from January 2023.
Alternative Burn Crypto
Shiba Inu managed to burn 50% of its supply by sending it to Vitalik who donated some of it for charity and sent the rest for network burn address. Although this kind of burn is impossible to repeat due other tokens having a form of tax on buying and selling which does not benefit end users.
Avorak AI Burn
Avorak AI is introducing an innovative approach for token burning with their AVRK token which requires users to pay AVRK credits in order access its features such as trading tools or creative tasks enhancing life quality experiences . When someone pays for these credits there is also a live payment routing system returning some revenue back into AVRK holders rewarding them in return for their loyalty towards project’s activities making it different than other existing cryptocurrencies approaches previously mentioned above .
Conclusion
The cryptocurrency market continues evolving every day creating new ways for users loyalty rewards thanks projects like Avorak AI introducing new methodologies such as live payments routing systems giving back part of income generated from user experience purchases creating incentives while covering basic needs like safety & security provided from blockchain technology .