BinaryX Proposes Token Burn, BNX Price Surges by 38%

BinaryX, a prominent Web3 gaming platform, has proposed a significant change to its native token economy. The platform announced a community vote to burn 74% of BNX tokens, reducing the maximum supply by 1.62 billion tokens to 580 million.

The objective, as outlined in BinaryX's official announcement, is to "enhance the scarcity and value of each BNX token, thereby strengthening the overall sustainability of its token economy."

The community vote for this proposal will be conducted through BinaryX’s official channels, allowing all BNX token holders to participate in the decision-making process.

Following the announcement, BNX saw immediate benefits, surging over 10% within an hour from $1.42 to $1.64. Over the past 24 hours, the token has risen by 38%.

As of the latest update, BNX is trading at $1.62, with trading volume soaring by 125% to $62.8 million. Notably, BNX hit an all-time high of $1.84 in February and currently stands just 13% below that peak.

BinaryX Overview

BinaryX launched in 2022 as a leading Web3 gaming platform, facilitating the development and distribution of blockchain-based games in the GameFi (Gaming and Finance) sector. It offers comprehensive solutions and tailored resources to empower and incubate GameFi developers.

BNX, BinaryX's native token, operates on the Binance Smart Chain as a BEP-20 token. It functions as an in-game currency across all platform activities and grants voting rights within BinaryX’s Decentralized Autonomous Organization (DAO).

GameFi's Rise

The GameFi sector has seen remarkable growth and popularity, particularly during recent bullish cycles. Tokens like Immutable (IMX), Notcoin (NOT), MultiversX (EGLD), and Axie Infinity (AXS) have led the sector with significant gains in 2024.

Over the past week, many gaming tokens have recorded double-digit increases. According to CoinMarketCap, the gaming token market cap now stands at $21.4 billion. BinaryX aims to capitalize on this sector's continued growth with its newly proposed token strategy.

Bitcoin is currently trading around $65,200, marking a 4% increase in the last 24 hours. The Fear and Greed Index indicates a sentiment of 69, reflecting a strong inclination towards greed in the market.