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Binance Smart Chain Activates Real-time BNB Burning Mechanism
December 1, 2021
MINS
BSC News
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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