Famous Flames: Examples Across the Crypto World
The crypto space has seen massive amounts of tokens go up in digital smoke (Token Burning):
#Binance Coin (BNB): Binance conducts quarterly $BNB burns, linked to the exchange's trading volume. Billions of dollars worth of BNB have been permanently removed from circulation over time, making it a deflationary asset. ๐ฅ
Ethereum #ETH : Since the EIP-1559 upgrade, a portion of every transaction fee on the Ethereum network is burned. This is a continuous, dynamic burn mechanism that has already led to the permanent removal of millions of $ETH from circulation.
๐จ Shiba Inu #SHIB : Beyond community-driven burns, one of the most famous examples was Ethereum founder Vitalik Buterin burning over 410 trillion SHIB tokens (worth billions at the time) that were sent to him. This dramatically reduced the supply and boosted its value. ๐โ๐ฅ
Terra Classic #LUNC : After its dramatic collapse, the LUNC community implemented a burn mechanism, including a transaction tax, to try and reduce its massive supply and support a potential recovery. ๐