Binance Smart Chain (BSC) successfully completed the Bruno upgrade today. The upgrade means that a new burn mechanism is now implemented to reduce the circulating supply of Binance Coin (BNB).
Gas fees collected as a result of each transaction 10%′the protocol that burns BEP95, is now active on the Binance Smart Chain network. According to Bscscan data, the current BNB burned per block is set at 0.02-0.06.
Binance Smart Chain shared on its official Twitter address. in the shipment:
Burn rate governance by will be determined and ratio It is currently set to 10%.
said.
On Binance Chain, every community member can propose changes for the chain. In order for the proposal to be reviewed by the validators, a minimum deposit of 2,000 BNB is required. This will allow the validator to vote on the proposal; All BNB deposited after the proposal has been voted will be returned to the voters. BSC validators can vote “positive” or “negative”. This they have a percentage determined by the amount of BNB they have in the voting.
If a resolution receives more than 50% of the vote as a result of this voting, the proposal will be forwarded to the BSC for approval and will take effect immediately.
Transaction fee will be collected in each block and split over two smart contracts
Mining with less than 100 BNB is 1/16th of the transaction fee”from the system reward contract” can benefit.
The rest of the transaction fee”ValidatorSet contract” will be transferred. Funds covered by the contract will be transferred to Binance Chain, and each day according to their shares to validators and to delegates will be distributed.
Following the path of Ethereum 2.0
The burning mechanism takes place on the Ethereum (ETH) network. EIP-1559 It works similarly to the protocol. London Hard ForkSince implementing , more than 1 million ETH has been burned. As this reduced inflation, it had positive effects on the Ethereum price.
“Crypto TDCryptocurrency on the YouTube channel ”analysts expect the BNB price to rise after the burn. And; “The next target for BNB will be the 1.618 Fib of the current consolidation which equates to around $766.” they commented.
According to CoinMarketCap data Binance coin (BNB) is the third coin with the highest market capitalization after bitcoin and ethereum. BNB price is up 6% over the past week, with daily trading volume 3,074,428,346 dollar.