BurnBNB Destroys 162000 BNBs Worth $59.77 Million with BEP-95 Real-Time Destruction Upgrade

According to reports, BurnBNB stated on social media that since the BEP-95 real-time destruction upgrade, 162000 BNBs have been destroyed, valued at approximately $59.77 million. It is reported that BNB’s real-time destruction mechanism was proposed by BEP-95, similar to Ethereum’s current EIP-1559 destruction mechanism.

After upgrading BEP-95, 162000 BNBs have been destroyed

Introduction

BurnBNB, a cryptocurrency exchange platform, recently made news on social media with the announcement that since the implementation of the BEP-95 real-time destruction upgrade, 162000 Binance Coins (BNBs) have been destroyed, amounting to a staggering $59.77 million valuation. This upgrade introduces a real-time destruction mechanism for BNBs, similar to Ethereum’s EIP-1559 mechanism.

What is BEP-95?

BEP-95 is a proposal for adding real-time destruction to BNB. It was introduced by Binance Chain Developer, Jiawei Zhou, in February 2021. The proposal aims to change the burn mechanism of BNB from a 20% quarterly reduction to a real-time burn mechanism based on the number of transactions on the exchange platform.

How Does the Real-Time Destruction Work?

The real-time destruction mechanism involves automatically burning a certain percentage of BNBs with every transaction on the BurnBNB platform. The percentage burned is tied to the transaction fee charged by the platform, with the aim of keeping the total number of BNBs in circulation in check. This mechanism is expected to reduce inflation and increase the value of BNB over time.

Why Use a Real-Time Destruction Mechanism?

The real-time destruction mechanism has several advantages over traditional burn mechanisms. Firstly, it provides more transparency and better enforcement of the burn policy. Secondly, it creates a more predictable and consistent burn rate, which can help stabilize the currency’s value. Finally, it incentivizes users to hold BNB by reducing its supply.

Impact of BEP-95 on BurnBNB

Since the implementation of the real-time destruction mechanism, BurnBNB has seen a significant increase in the number of transactions and the volume of BNBs burned. Analysts predict that this will lead to a decrease in the supply of BNBs, which could potentially increase its value in the long run.

Conclusion

BurnBNB’s implementation of the BEP-95 real-time destruction upgrade marks a significant milestone in the evolution of Binance Coin. The real-time destruction mechanism provides a more transparent, predictable, and consistent burn rate, which could potentially increase the value of BNB over time. As the use of cryptocurrency continues to gain popularity, it will be interesting to see how other platforms adopt similar mechanisms to incentivize their users to hold their currencies.

FAQs

1. What is the current market value of Binance Coin?
The current market value of Binance Coin is around $397.99 as of August 2021.
2. Is BurnBNB the only platform implementing BEP-95?
No, other platforms on the Binance Chain are also using the BEP-95 mechanism to burn BNBs.
3. What percentage of BNBs are burned with every transaction on BurnBNB?
The percentage of BNBs burned with every transaction on BurnBNB is tied to the transaction fee charged by the platform and varies depending on the transaction amount.