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More Than 17,600 BNB Worth Above $10M Has Been Burned Since BEP-95 Upgrade

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Just like ETH, BNB is now burned with every transaction after the BEP-95 upgrade.



The BEP-95 upgrade was launched on Nov, 30th. With this upgrade, a new real-time burning mechanism of BNB was introduced as a result a fixed ratio of the BNB gas fee collected by the validators is burned in each block.

Since the BEP-95 real-time burning upgrade 17,600 BNB worth $10,004200 has been burned.

 

According To Binance With the progressive decentralization of the BSC community, v1.1.5 upgrade is a hard fork release that introduces the real-time burning mechanism into the economic model of BSC with the aim to burn more BNB, and speed up the full node sync by more than 60%.”

 

The concept of the fees-burning mechanism was first introduced by Ethereum, After that, the idea was followed by the Binance coin.

Following ETH and BNB, on December 14th, the developers of the Polygon (MATIC) announced that they are also going to deploy a fee-burning mechanism.

Burning Coins in the form of fees or organized quarterly burning reduces the supply of those coins making them scarcer. So according to the economic rule of demand and supply that scarcity of an asset can direct to price increase.

The continuous burning of tokens also makes coins deflationary. Currently, ETH is leading as a deflationary asset, there were a number of days after ETH fees burning upgrade (EIP-1559), where more ETH was burned than mined.

As far as quarterly burning is concerned BNB is leading the path with 1,335,888 BNB, approximately worth $639,462,868 USD were burned in the 17th BNB quarterly burn. However, Today Binance announced that Going forward, the BNB quarterly burn will be replaced with BNB Auto-Burn to provide greater transparency and predictability to the BNB Community.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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