Coinspeaker
BinaryX Announces Token Burn Proposal, BNX Surges by 38%
Renowned Web3 gaming platform BinaryX is making a big change in its native token’s economy. It has announced a community vote to burn 74% of BNX tokens, reducing the maximum supply by 1.62 billion tokens and bringing the new cap down to 580 million.
The objective of this move, as stated in the platform’s X post, is to “increase the scarcity and value of each BNX token, thereby improving the overall sustainability of [its] token economy”.
The voting period for this proposition will be announced on BinaryX’s community channels, allowing all BNX token holders to participate in the decision-making process.
The announcement of the proposition has already been beneficial for BNX. The token surged by over 10% within an hour following the platform’s X post, rising from $1.42 to $1.64. Over the past 24 hours, it has increased by over 38%.
At the time of writing, BNX is trading at $1.62, with trading vo
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