If the offer is accepted, 10% of all commission fees on Binance Smart Chain will be burned.
The developers who published the proposal believe that Binance Smart Chain should implement a regular token burning mechanism similar to EIP-1559 in the Ethereum network. The proposal is under development, voting has not yet begun.
Burning is the sending of tokens to inactive addresses. No one can use these tokens, so they are considered withdrawn from circulation or destroyed.
The development team suggests burning 10% of all commissions. On average, Binance Smart Chain users spend around 6,814 BNB ($3.4 million) in fees per day. This means that the new mechanism will burn approximately 681 BNB ($334,000) per day.
It is worth noting that Binance Smart Chain already conducts regular token burns. During the latter, 1,335,888 BNB ($659 million) were destroyed. As a result, the exchange plans to burn half of the entire BNB supply.
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According to www.theblockcrypto.com
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