Ramazan Eles 
Web3 gaming platform BinaryX has announced a new “token burning” plan that would permanently remove 75% of the maximum supply of $BNX from circulation.
The proposal, which will be put to a community vote on social media in the coming weeks, aims to address concerns about the token’s long-term sustainability and value.
If the proposal is accepted, 75% of the BNX token supply will be permanently removed from circulation, effectively reducing the maximum supply of $BNX from 1.62 billion tokens to 580 million tokens. The maximum supply refers to the absolute number of tokens that will ever exist. By removing $1.6 billion worth of tokens from the market, BinaryX is making a bold statement about its commitment to entering a “deflationary phase.”
Meanwhile, no exact date has been given for the $BNX token burn community vote. The BinaryX team has stated that the vote will be announced soon on social media channels.
In the wake of the token burn announcement, the $BNX price has surged over 35% in the past 24 hours and is currently trading at $1.63. According to CoinGecko data, $BNX hit its all-time high (ATH) price of $6.58 in February 2023. It is currently trading at a 75% discount from that level.
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