The announcement of the proposition has already been beneficial for BNX. The token surged by over 10% within an hour following the platform’s X post.
Renowned Web3 gaming platform BinaryX is making a big change in its native token’s economy. It has announced a community vote to burn 74% of BNX tokens, reducing the maximum supply by 1.62 billion tokens and bringing the new cap down to 580 million.
The objective of this move, as stated in the platform’s X post, is to “increase the scarcity and value of each BNX token, thereby improving the overall sustainability of [its] token economy”.
The voting period for this proposition will be announced on BinaryX’s community channels, allowing all BNX token holders to participate in the decision-making process.
The announcement of the proposition has already been beneficial for BNX. The token surged by over 10% within an hour following the platform’s X post, rising from $1.42 to $1.64. Over the past 24 hours, it has increased by over 38%.
At the time of writing, BNX is trading at $1.62, with trading volume increasing by 125% to $62.8 million. Notably, BNX reached an all-time high of $1.84 in February and currently sits just 13% below that peak.
BinaryX
BinaryX, a prominent Web3 game platform, garnered attention in 2022. It allows developers to develop and distribute blockchain-based games, particularly in the GameFi (Gaming and Finance) industry. The platform provides a comprehensive array of solutions and customized resources that are designed to empower, enable, and incubate aspiring GameFi developers.
BinaryX’s native token, BNX, is a BEP-20 token, built on the Binance Smart Chain. It serves as an in-game currency in all activities on the platform. Additionally, each BNX token represents voting rights in BinaryX’s Decentralized Autonomous Organization (DAO).
The Rise of GameFi
The GameFi sector has witnessed massive popularity and growth in recent years, becoming a star performer during the last bull cycle. In this cycle, tokens like Immutable (IMX), Notcoin (NOT), MultiversX (EGLD), and Axie Infinity (AXS) lead the sector. They have seen major surges in the first half of 2024.
Over the past seven days, most of these tokens have posted double-digit gains. According to CoinMarketCap, the market cap of gaming tokens stands at an impressive $21.4 billion. BinaryX is leveraging this continued growth of the sector and striking the hot iron with the newly proposed plan.
Meanwhile, Bitcoin is trading around the $65,200 level, up by around 4% in the last 24 hours. The Fear and Greed Index currently stands at 69, indicating a strong sense of greed in the market.
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