BurnBNB token burns $58.29 million worth of BNBs with BEP-95 Real-time Destruction

03/05/2023 22:40 • Metaverse Matters • 126 views

According to reports, BurnBNB said on social media that since the BEP-95 real-time destruction and upgrading, 156800 BNBs have been destroyed, with a value of about $58.29 million. It is reported that BNB’s real-time destruction mechanism was proposed by BEP-95, which is similar to the current EIP-1559 destruction mechanism of Ethereum.

Data: 156800 BNBs have been destroyed after BEP-95 upgrade

Introduction

Recently, BurnBNB announced on social media that they have burned about $58.29 million worth of Binance Coin (BNB) tokens through a real-time destruction mechanism proposed by BEP-95. This mechanism is similar to Ethereum’s EIP-1559 destruction mechanism, which aims to improve user experience and reduce network congestion.

Understanding BurnBNB and BNB tokens

Before diving into the real-time destruction mechanism, let’s understand BurnBNB and BNB tokens first. BNB is a cryptocurrency issued by Binance, one of the largest cryptocurrency exchanges in the world. BNB is used to pay fees on the Binance platform and can also be traded on other exchanges. BurnBNB, on the other hand, is a deflationary token that uses a portion of its transaction fees to buy back and burn its own tokens, reducing the token supply and increasing its value.

Real-time destruction mechanism and BEP-95

Real-time destruction of tokens is a mechanism that burns tokens as soon as they are used, reducing the token supply and increasing its value. The BEP-95 proposal introduced this mechanism in the Binance Smart Chain network, allowing users to burn BNB tokens when making transactions or interacting with smart contracts.
The BEP-95 proposal works in the following way:
– When a user sends a transaction or interacts with a smart contract, a fixed amount of BNB is burnt in real-time.
– The amount of BNB burnt depends on the transaction’s gas limit and the gas price.
– The burnt BNB is taken out of circulation and cannot be used in any future transactions.

BurnBNB’s real-time destruction and value of destroyed BNBs

BurnBNB has implemented the BEP-95 proposal in its token, allowing users to burn BurnBNB tokens in real-time when they make transactions or interact with smart contracts. Since the implementation of the mechanism, BurnBNB has burned 156800 BNBs, with a value of about $58.29 million.
The real-time destruction mechanism has two benefits:
– Firstly, it reduces the token supply, making the token more scarce and valuable.
– Secondly, it improves the user experience by reducing network congestion and increasing transaction speed.

Conclusion

BurnBNB’s real-time destruction mechanism using BEP-95 has burned $58.29 million worth of BNB tokens, reducing the token supply and increasing its value. This mechanism has improved the user experience and reduced network congestion, making it a win-win situation for BurnBNB and its users.

FAQs

1. How does the real-time destruction mechanism work?
– The real-time destruction mechanism burns tokens as soon as they are used, reducing the token supply and increasing its value.
2. What are the benefits of the real-time destruction mechanism?
– The real-time destruction mechanism reduces the token supply, making the token more scarce and valuable. It also improves the user experience by reducing network congestion and increasing transaction speed.
3. What is BurnBNB?
– BurnBNB is a deflationary token that uses a portion of its transaction fees to buy back and burn its own tokens, reducing the token supply and increasing its value.

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