December 4, 2021

BNB developers proposed to burn some of the commissions by analogy with Ethereum

BNB developers proposed to burn some of the commissions by analogy with Ethereum

In the event that the offer is accepted, 10% of all fees on Binance Smart Chain will be burned.

The developers who posted the proposalbelieve that Binance Smart Chain should implement a regular token burning mechanism similar to EIP-1559 on the Ethereum network. The proposal is under development, the voting has not started yet.

Burning is sending tokens to inactive addresses. No one can use these tokens, so they are considered withdrawn from circulation or destroyed.

The development team proposes to burn 10% ofall commissions. On average, Binance Smart Chain users spend about 6,814 BNB ($ 3.4 million) in commissions per day. This means that the new mechanism will burn approximately 681 BNB ($ 334,000) per day.

It should be noted that Binance Smart Chain is alreadyconducts regular token burnings. During the latter, 1,335,888 BNB ($ 659 million) were destroyed. As a result, the exchange plans to burn half of the total BNB supply.

Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies

According to the materials www.theblockcrypto.com

Facebook Notice for EU! You need to login to view and post FB Comments!