Bancor Community Proposes to Burn 1 Million BNT Tokens

Community members of the Bancor DEX platform have just submitted for voting a proposal to burn 1 million BNT. According to them, this should have a positive impact on the price of the project token.

Voting will end next September 28 at 17:00 (UTC).

According to the project’s website:

“DAO participants have mentioned the fact that ‘burns’ have a psychological impact on market participants. This offer involves a one-time burn of 1 million NTB when this amount accumulates in the Bancor v3 vault.”

If the mechanism proves effective, the community could continue with the procedure.

The Bancor Vortex vault currently holds 860,000 BNT tokens. The proposal states the target of 1 million will be reached in the next 30 days.