The top-tier crypto exchange platform reportedly disclosed details related to the implementation of a new Binance Coin (BNB) Auto-Burn protocol, to be taking the place of the existing quarterly burn mechanism. 

Specifically, in a bid to respond to the inquiries from the BNB community, Binance reportedly rolled out adjustments to its quarterly burning protocol for BNB tokens.

Per the platform, this will reportedly introduce an enhanced level of “transparency and predictability” to its community. 

With this, BNB will be burned in an automated fashion dependent on a formula, made up of on-chain data of total blocks generated and the average price of BNB.

Currently, there are two burning mechanisms available for BNB. One is the real-time burning of a percentage of gas fees on the Binance Smart Chain. The second is the quarterly burn based on Binance’s Accelerated Burn Program, which the BNB Auto-Burn mechanism would replace.

Since the official release of BNB, Binance has reportedly made a commitment to burning 100 million BNB, which is fifty percent of the original overall supply. When the total circulating supply of BNB dips below 100 million, the Auto-Burn will be halted.

In the most recent quarterly burn, the firm reportedly removed 1,335,888 BNB – around $639,462,868 at the time, out of circulation. In early 2021, the team completed the burn of $400 million equivalent of BNB tokens in the 16th quarterly burn event.

At the time of writing, BNB is reportedly trading under 10% on the month at $528. It has suffered a 23.65% drop from its all-time high of $690.93 back on May 10 this year but is still up by 1,295% since the beginning of 2021.

Meanwhile, Binance has reportedly had its name included in the list of the earliest entities to become a member of the crypto hub, introduced by the United Arab Emirates government in Dubai.