{"id":67748,"date":"2022-09-27T15:15:42","date_gmt":"2022-09-27T12:15:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67748"},"modified":"2025-09-07T08:18:38","modified_gmt":"2025-09-07T05:18:38","slug":"bancor-defi-protocol-community-proposes-burning-1-million-bnt-tokens","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bancor-defi-protocol-community-proposes-burning-1-million-bnt-tokens\/","title":{"rendered":"Bancor DeFi protocol community proposes burning 1 million BNT tokens"},"content":{"rendered":"<p>Participants in the Bancor <span data-descr=\"decentralized (non-custodial) exchange\" class=\"old_tooltip\">DEX<\/span>-platform community have put to a vote a proposal to burn 1 million BNT. They believe this should positively impact the price of the project&#8217;s utility token.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bancorians,<\/p>\n<p>There is a proposal on the <a href=\"https:\/\/twitter.com\/hashtag\/Bancor?src=hash&#038;ref_src=twsrc%5Etfw\">#Bancor<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/DAO?src=hash&#038;ref_src=twsrc%5Etfw\">#DAO<\/a> governance to burn 1m (currently at ~941k) <a href=\"https:\/\/twitter.com\/search?q=%24BNT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BNT<\/a> collected by Bancor v3 vortex that is up for voting this week \ud83d\uddf3<\/p>\n<p>Voting closes at 5PM UTC on 9\/28\/22 \ud83d\udcc5<\/p>\n<p>Vote on Snapshot \ud83d\udc47\ud83d\udc47<br \/>\ud83d\udd17 <a href=\"https:\/\/t.co\/SCBcIy17NN\">https:\/\/t.co\/SCBcIy17NN<\/a> <a href=\"https:\/\/t.co\/HlhHfbAlbA\">pic.twitter.com\/HlhHfbAlbA<\/a><\/p>\n<p>\u2014 Bancor (@Bancor) <a href=\"https:\/\/twitter.com\/Bancor\/status\/1574426274700861440?ref_src=twsrc%5Etfw\">September 26, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Voting will close at 5:00 PM UTC on September 28, 2022.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The participants of the DAO cited that &#8216;burning&#8217; has a psychological impact on market participants, \u2014 <a href=\"https:\/\/vote.bancor.network\/#\/proposal\/0xf0502de1e9b84548ea954d8f1e93fc3a603eac28cf6389dabaec5e1a2bfa72bf\">\u043d\u0430 \u0441\u0430\u0439\u0442\u0435 \u043f\u0440\u043e\u0435\u043a\u0442\u0430<\/a>. \u2014 The proposal envisages a one-time burn of 1 million BNT when this amount accumulates in Bancor v3&#8217;s vault.&#8221;<\/p>\n<\/blockquote>\n<p>If the mechanism proves effective, the community will push for continuing the process.<\/p>\n<p>Some 99.27% of voters voted in favour of burning the million tokens.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"985\" height=\"512\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/for.png\" alt=\"Bancor DeFi protocol community proposes burning 1 million BNT tokens\" class=\"wp-image-185996\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/for.png 985w, https:\/\/forklog.com\/wp-content\/uploads\/for-300x156.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/for-768x399.png 768w\" sizes=\"auto, (max-width: 985px) 100vw, 985px\" \/><figcaption>Data: <a href=\"https:\/\/vote.bancor.network\/#\/proposal\/0xf0502de1e9b84548ea954d8f1e93fc3a603eac28cf6389dabaec5e1a2bfa72bf\">Bancor<\/a>.<\/figcaption><\/figure>\n<p>As of writing, the Bancor Vortex treasury holds 860,000 BNT tokens. The proposal says the target of 1 million will be reached within the next 30 days.<\/p>\n<p>In the last 24 hours, BNT <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bancor-network\">rose 7.4%<\/a>, to $0.46. In January 2018, the Bancor utility token reached an all-time high of $10.72. Since then, the price has fallen by more than 90%.<\/p>\n<p>The current circulating supply \u2014 and the maximum circulating supply \u2014 of BNT stands at 193.47 million. The asset ranks 270th in CoinGecko&#8217;s market-cap ranking.\u00a0<\/p>\n<p>In June, the Bancor protocol developers <a href=\"https:\/\/forklog.com\/en\/news\/bancor-protocol-suspends-impermanent-loss-protection\">paused<\/a> the impermanent-loss protection feature.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Participants in the Bancor DEX platform community have put to a vote a proposal to burn 1 million BNT.<\/p>\n","protected":false},"author":1,"featured_media":67749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1809,1093,1258],"class_list":["post-67748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bancor","tag-defi","tag-tokenomics"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=67748"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67748\/revisions"}],"predecessor-version":[{"id":67750,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67748\/revisions\/67750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/67749"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=67748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=67748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=67748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}