INTRODUCTION TO TOKEN BURN
By permanently removing cryptocurrencies from circulation, coin burning lowers the available supply. We will use BNB Coin (the old BNB ERC-20) as an example to demonstrate how this operates.
Binance used a smart contract function called the burn function to carry out periodic Coin Burn events when the BNB Coin was still a part of the Ethereum network. The BNB burning events are planned to take place every three months until 100,000,000 BNB, or 50% of all BNB ever issued (200,000,000 BNB), are ultimately destroyed.
Before, the quarterly BNB burns were determined by the volume of BNB traded on the Binance platform. However, Binance declared that the new BNB Auto-Burn would take the place of the Quarterly Burn as of December 2021.
Based on the price of BNB and the number of blocks generated on the BNB Chain during the quarter, the BNB Auto-Burn mechanism automatically modifies the amount of BNB to be burned. The BNB community benefits from increased transparency and predictability as a result. Real-time burning is another feature of BNB that was included with the BEP-95 protocol version. A percentage of the gas charges for transactions and smart contract interactions are burned in this way.
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Token burning is very help for crypto because it help to increase the value to the specific token.