In May, 2020, Bitcoin(BTC), the most valuable cryptocurrency in the world, experienced its third halving. BTC, however, is not the only digital currency that experienced halving this year. Earlier this year, BNA, a 1-year-old token from Bananatok, a blockchain based messenger, headquartered in Seoul, announced BNA halving and its "Token burning Roadmap": Bananatok burned 1 billion BNA; Later, it additionally burned another 1 billion BNA. Bananatok decided to burn its tokens to stabilize BNA price.
"After burning 1 billion BNA, we additionally burned another 1 billion tokens. Business achievement by introducing burning ratio system is linked to the value of Bananatok. It would bring great synergy when we launch new services, such as BananaPay, BananaEX(Social Exchange) and BananaGames," said Lee Sang Kyoo, the Chief Operating Officer(COO) of Bananatok.
Cho Woo-chang, the president of Bananatok, suggested that Bananatok intended to make BNA ecosystem better through BNA halving. "In the crypto ecosystem, a new field created by 11 years ago, the concepts of project management are continuously changed. A lack of regulation prompted the crypto industry to be dogged by problems due to excessive supply of cryptocurrencies. Moreover, many projects have just drawn up blueprints in vain. I found that transparency and self-regulation are indispensable to make BNA ecosystem healthier," he explained.
"Amid the Covid-19 crisis, we burned tokens for long-term development of BNA network and the protection of traders' assets, improving BNA ecosystem. By making steady progress, we, that pioneers depressed cryptocurrency market in South Korea, will successfully achieve our goals, taking social responsibilities," he added.
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