The new proposal aims to increase the value of Binance Coin by burning BSC fees

In Binance’s native token Binance Coin (Binance Coin) continues to riseBitcoin), the developers of Binance Smart Chain (BSC) proposed more measures to maintain the deflationary model of the token and increase its intrinsic value.

According to the new Binance Evolution Protocol BEP-95, BSC developers are considering introduce Real-time combustion mechanism of part of the gas cost to reduce the supply of BNB and increase the value of BNB by increasing demand. According to BEP, BNB holders will decide how to distribute BSC gas rewards.

BSC developers release proposal on Friday famous The new BEP may reduce the total amount of BNB obtained by validators and delegators from staking. The burning mechanism will be enabled by introducing manageable parameters for the two system smart contracts used to charge gas fees.

BNB was created by Binance in 2017 and is designed as a deflationary token, which means that Binance burns a certain percentage of BNB supply every three months to maintain the value of the token. Once 50% of the initial supply is burned, Binance will stop burning BNB, leaving only 100,000,000 BNB.

The latest BNB token burn took place last Monday, Binance combustion 1,335,888 BNB (US$640 million) was destroyed in the 17th quarter.

The proposal is in BNB has surged recently, The token broke through $500 on Wednesday. At the time of writing, BNB is the third largest cryptocurrency in market capitalization after Bitcoin (Bitcoin) And ether (Ethereum). The token’s trading price is 495 USD, which has increased by approximately 44% in the past 30 days. BNB’s new historical high was recorded in May 2021, and the token surging According to CoinGecko, it is as high as US$686.

related: After the activation of EIP-1559, Ethereum miners hoarded a record 70B USD in ETH

The latest BIP occurred in August, similar to the new transaction fee mechanism Implementation of the London upgrade for Ethereum. According to Etherchain, the current average ETH burn rate Amount To 3.76 ETH or $15,448 per minute.