This is Why Web3 Gaming Token BinaryX (BNX) Surged 30% Today

BNX, the native token of the web3 Gaming platform BinaryX, has recorded double-digit gains in the past 24 hours following a notable development in the project’s economic model.

According to a tweet by BinaryX, BNX will soon enter a deflationary phase as the platform’s team is proposing to burn 74% of the token’s maximum supply. The move will significantly increase the scarcity and value of BNX and enhance the sustainability of the project’s token economy.

BinaryX to Burn 74% of BNX Supply

BinaryX said all BNX holders will be able to vote on the proposal for a deflationary economic model when the date is fixed and communicated to the community via official channels.

If the proposal passes, the maximum supply of BNX will be slashed by 1.62 billion, rounding off the new cap to 580 million. At the time of writing, there are over 560 million BNX in circulation and a maximum supply of 2.1 billion. After the new model is approved, less than 20 million BNX will be released into the market.

BinaryX intends to keep the current game output unchanged, as the primary purpose of the vote is to decrease the potential market supply of BNX by eliminating unminted tokens. After reaching the supply cap, future gaming rewards will be distributed as community incentives from the project’s team’s share.

It is worth mentioning that the BinaryX team has promised transparency in the voting process and to reveal the results upon completion.

BNX Soars 30% in 24 Hours

Reacting to the news about its proposed deflationary economic model, BNX surged by more than 30% to a level not seen in months. Data from CoinMarketcap shows the token has jumped from $1.26 to $1.64 in the past 24 hours. However, BNX had slumped slightly at the time of writing and was trading at $1.62.

Built on the BNB Chain, BinaryX leverages blockchain and artificial intelligence technologies to create immersive gaming experiences, provide users with opportunities to own in-game assets, and participate in decision-making processes. Some of the platform’s most popular games include Ai Hero, Project Matthew, Pancake Mayor, CyberChess, and CyberDragon.