- BinaryX makes headlines with its latest announcement on implementing a deflationary plan for its native token BNX.
- The platform plans to reduce the total supply of BNX significantly, sparking considerable interest among crypto investors.
- A key point from the announcement is the planned burn of 74% of the total BNX token supply, aimed at boosting the token’s value.
Discover the groundbreaking move by BinaryX to deflate its BNX token supply, and what this means for investors and the crypto market.
BinaryX Announces Major Deflationary Plan
Today, BinaryX revealed that BNX, its native token, will soon undergo a significant deflationary phase with the support of the BNB Chain. The deflationary plan will see the burning of 74% of all BNX tokens, thereby reducing the total supply and potentially enhancing the token’s value. This development has piqued the interest of the investment community.
Strategic Token Burn
In an effort to kickstart this deflationary period, BinaryX will reduce its BNX token supply by burning 74% of the existing tokens. The reduction in token supply is anticipated to create a scarcity effect, which could drive up the price of BNX. Data from TradingView highlighted a swift 15% increase in the token’s price shortly after the announcement. However, the implementation is contingent upon a community vote, where all BNX holders can participate. The schedule for this vote has yet to be established.
Significant Investment from Binance
In 2021, BinaryX secured a substantial investment from Binance Labs, the venture arm of the leading cryptocurrency exchange Binance. The ten-billion-dollar investment underscored Binance’s confidence in BinaryX’s potential. Bill Chin, then managing director of Binance Labs, remarked on BinaryX’s competent team and their expectations for the investment to accelerate the development of the CyberDragon project – an innovative integration of DeFi, NFTs, and metaverse gaming.
Conclusion
The announcement of BinaryX’s deflationary plan has generated significant excitement within the crypto community. With plans to drastically cut the supply of BNX tokens, the potential for increased value is substantial. Investors and analysts will be keenly watching the outcome of the community vote and the subsequent impact on BNX’s market performance.
