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Robert D. Knight
December 1, 2021
The approval real-time burning mechanism, originally proposed in October, will increase the burn rate for the BNB token.
Burn BNB, Burn
Binance Smart Chain has approved a proposal that will increase the burn rate of the BNB token. The change dubbed ‘Binance Evolution Protocol, BEP-95’ was initially proposed in October and will now be implemented.
Besides increasing the rate at which BNB is burned, the proposal also promises to hand more power to validators. The actual number of BNB validators receive may decrease thanks to the change, the value of the token is expected to rise.
“Each block will burn a fixed ratio of the gas fee collected by the validators in each block,” said Binance Smart Chain in a December 1st tweet. “The burning ratio is adjustable through governance,” they added.
The current burn rate is set at 10% but can be changed if required through community governance proposals. BEP-95 is regarded to be the BSC equivalent of Ethereum’s EIP-1559 proposal which came as part of the London upgrade. Both changes add further deflationary pressures to the tokenomics of their respective ecosystems, placing upward price pressure on their tokens.
What is Binance Smart Chain?
The Binance Smart Chain is a leading blockchain network with the smart contract functionality. Since its launch on Aug. 31, 2020, the total value locked (TVL) in DeFi protocols quickly rose to hit an all-time high of $41.39 billion on May. 8, 2020, according to data from Dappradar. At the time of writing, the TVL stands at $21.45 billion.
Find about more the network and its ecosystem here:
Website | Twitter | BSC Forum | Telegram | Developer Telegram | Discord | GitHub |
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
January 27, 2022
UniSwap Founder Sees JP Morgan Bank Account Closed
Crypto continues to see more adoption, and banks may ultimately have to adjust in favor of the trend.
Account Terminated
American banking giant, JP Morgan Chase has closed the accounts of the founder of UniSwap, Hayden Adams. No reason has been given for the closure, and Hayden seemed completely taken by surprise.
The closure of Hayden's accounts in JP Morgan might be linked to his status as a crypto activist. Indeed, some of his associates reported having had a similar experience with the same bank.
"This week @jpmorgan @Chase closed my bank accounts with no notice or explanation. I know many individuals and companies who have been similarly targeted simply for working in the crypto industry," the UniSwap founder wrote in a January 23 tweet.
Tug of War
JP Morgan's action would seem ridiculous, considering that it offered neither explanation nor prior notice why Hayden's accounts were closed. It shows clearly how helpless one can easily be in the hands of the centralized financial system. It is not an isolated incident, as such actions by banks have been made in different parts of the world - including the writer's home country, Nigeria.
Decentralization and crypto promise financial freedom for the masses, and the hostility directed at users by banks and governments tend to justify the growing adoption of decentralized finance. The fact that banks could shut out a high-profile personality like Hayden Adams shows how vulnerable every other crypto user is.
According to Chainalysis, the worldwide adoption of crypto in 2021 increased by over 880%. This goes to show that the momentum is on the side of decentralization rather than centralization. Actions such as JP Morgan's will encourage people, rather than discourage them, to take control of their finances via crypto––stablecoins in particular.
Seeing the rate at which the number of crypto users is growing, it may only be a matter of time before banks realize the yearning of the majority and adopt a crypto-friendly disposition.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
January 27, 2022
SafeMoon Coin Wallet Surpasses 1 Million Users
The SafeMoon Army continues to prove itself as one of the strongest communities on Binance Smart Chain.
SafeMoon Wallet Hits Milestone
In a strong testament to community support, the SafeMoon wallet has officially surpassed one million users. The Safemoon Army achieved the feat in less than five months.
SafeMoon made the announcement via Twitter on January 25 following a few days of teasing users that the big day is almost here. The achievement also comes with the added bonus that the SafeMoon community will get to see CEO John Karony eat pineapple, something which he despises!
“WE DID IT!! The #SAFEMOONARMY has blasted past 1 MILLION #SAFEMOONWALLET downloads in under 5 months! 🌑🚀 There is no sign of slowing down... next stop, 2 MILLION! What might we do when we hit that milestone? 🍍” the SafeMoon account tweeted, hinting at the pineapple emoji.
The SafeMoon Army is one of the strongest on Binance Smart Chain proven by the overwhelming number of holders and now wallet downloads. The recent V2 migration has also been successful, and the team behind Karony has a big vision for 2022. One of the key features to watch out for is their approach to sustainability.
What is SafeMoon?
SafeMoon is a alt-token that was launched in March 2021. It runs on the Binance Smart Chain and is a Decentralized Finance (DeFi) protocol.
SafeMoon has a very strong community behind it. Current statistics show that the protocol's token is held by almost 3 million people. On Twitter, SafeMoon has over 1.3 million followers.
SafeMoon token is deflationary. It slightly differs from other deflationary tokens in the sense that three functions happen with each transaction: reflection, liquidity pool (LP) acquisition, and burn.
For more about SafeMoon, visit the protocol on the following links:
Website | Whitepaper | Twitter | LinkedIn | Discord
Binance Smart Chain Activates Real-time BNB Burning Mechanism
The approval real-time burning mechanism, originally proposed in October, will increase the burn rate for the BNB token.
Burn BNB, Burn
Binance Smart Chain has approved a proposal that will increase the burn rate of the BNB token. The change dubbed ‘Binance Evolution Protocol, BEP-95’ was initially proposed in October and will now be implemented.
Besides increasing the rate at which BNB is burned, the proposal also promises to hand more power to validators. The actual number of BNB validators receive may decrease thanks to the change, the value of the token is expected to rise.
“Each block will burn a fixed ratio of the gas fee collected by the validators in each block,” said Binance Smart Chain in a December 1st tweet. “The burning ratio is adjustable through governance,” they added.
The current burn rate is set at 10% but can be changed if required through community governance proposals. BEP-95 is regarded to be the BSC equivalent of Ethereum’s EIP-1559 proposal which came as part of the London upgrade. Both changes add further deflationary pressures to the tokenomics of their respective ecosystems, placing upward price pressure on their tokens.
What is Binance Smart Chain?
The Binance Smart Chain is a leading blockchain network with the smart contract functionality. Since its launch on Aug. 31, 2020, the total value locked (TVL) in DeFi protocols quickly rose to hit an all-time high of $41.39 billion on May. 8, 2020, according to data from Dappradar. At the time of writing, the TVL stands at $21.45 billion.
Find about more the network and its ecosystem here:
Website | Twitter | BSC Forum | Telegram | Developer Telegram | Discord | GitHub |
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