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HomeCrypto NewsExchangesBinance Smart Chain Is Bringing Fee-Burning Mechanism Like Ethereum

Binance Smart Chain Is Bringing Fee-Burning Mechanism Like Ethereum


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The Binance Smart Chain (BSC) has published a proposal to improve the BEP-95 ecosystem, This new mechanism will be similar to the Ethereum chain where transaction fees will be burned in real-time.

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The update will be implemented if it gets more than 50% of the votes.

The Binance team says that the proposed mechanism is intended to speed up the process of burning BNB and make BSC more decentralized. It could also increase the value of Binance Coin in the long run, and increase the fiat-based reward of validators.

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At the same time, Binance will continue to burn BNB on a quarterly basis. On October 19, the exchange carried out BNB burning for the 17th time. 1,335,888 BNB worth more than $639 million were burned.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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