The move is part of BinaryX’s effort to increase the token’s scarcity and long-term value.
Web3 gaming platform BinaryX has announced a proposal to reduce 74% of its native token, BNX. The development seeks to improve and enhance the resilience and sustainability of the BinaryX ecosystem.
According to the announcement, BinaryX encourages all community members to participate in a critical vote to determine the project’s future course.
Reducing BNX Supply
The proposal aims to reduce the maximum supply of BNX tokens by 1.62 billion, bringing the value down to 580 million. The current game distribution will remain unchanged, with future rewards after hitting the supply cap distributed as community incentives from the team’s share.
The BinaryX team noted that the main objective of this vote is to reduce the possible market availability of BNX tokens by removing unminted ones. Also, the initiative is anticipated to boost the token’s utility by significantly lowering its supply, thereby enabling BNX to adopt a new reduction model for its holders.
In addition, the BinaryX team will announce the official voting date through its authorized media and community platforms. To take part, BNX holders must go to the voting page during the designated period and link their wallets to submit votes.
The team stressed the significance of community involvement, pressing that each vote is crucial and will directly impact the project’s future direction.
What is BinaryX?
BinaryX is a leading Web3 gaming platform focused on developing captivating gaming experiences such as Ai Hero and Pancake Mayor.
The protocol utilizes advanced technologies such as blockchain and AI to offer players unique opportunities to own in-game assets, engage in decision-making processes, and explore the full potential of Web3 gaming. BinaryX also aims to provide a comprehensive suite of solutions to incubate, enable, and empower aspiring GameFi developers.
According to CoinMarketCap, BNX is currently trading at $1.60, a 30% surge over the last 24 hours.
