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BurnBNB Tweets about BNB’s Real-Time Destruction Mechanism

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According to reports, BurnBNB tweeted that BNB destroyed 153700 pieces in real time, with a value of about $57340500. It is reported that BNB\’s real-time destr…

BurnBNB Tweets about BNB’s Real-Time Destruction Mechanism

According to reports, BurnBNB tweeted that BNB destroyed 153700 pieces in real time, with a value of about $57340500. It is reported that BNB’s real-time destruction mechanism was proposed by BEP95, which is similar to the current EIP-1559 destruction mechanism of Ethereum.

BNB destroyed 153700 pieces in real time, with a value of about US $57340500

Interpret the above information:


In a recent report, BurnBNB, a cryptocurrency-related Twitter account, tweeted that Binance Coin (BNB) destroyed 153,700 pieces in real-time, with a value of about $57,340,500. BNB is the native token of the Binance exchange, one of the largest crypto exchanges globally, and is used to pay for fees on the platform.

The tweet suggests that BNB’s real-time destruction mechanism was proposed by BEP95, which is similar to Ethereum’s current EIP-1559 destruction mechanism. Ethereum’s EIP-1559 update was a significant change to the Ethereum network, which was designed to reduce transaction fees and make the network more efficient. The update introduced a base fee and a tipping mechanism, which determines the priority of transactions. The base fee is burnt, reducing the overall supply of Ether, which theoretically increases the value of the remaining Ether.

Similarly, BNB’s burning mechanism involves the destruction of a portion of BNB coins used to pay for transaction fees on the Binance platform. The supply of BNB is fixed at 200 million, and Binance uses 20% of their quarterly profits to buy back and burn BNB. This creates a deflationary effect, reducing the supply of BNB and theoretically increasing its value.

BurnBNB’s tweet suggests that Binance has burned a significant amount of BNB coins in real-time, indicating strong usage of the Binance platform. Binance is known for its high trading volume and reduced fees for users who pay with BNB. As more users use the platform and pay with BNB, more BNB coins are burned, leading to a potential increase in the value of the remaining coins.

In conclusion, BurnBNB’s tweet highlights the real-time destruction mechanism of BNB, which is similar to Ethereum’s EIP-1559 update. The tweet suggests that Binance has burned a significant amount of BNB coins in real-time, which could be a positive sign for the platform and potential BNB investors. The burning mechanism creates a deflationary effect, reducing the overall supply of BNB and potentially increasing its value. As cryptocurrency gains more mainstream adoption, burnt coins of tokens may become more prevalent across different blockchain networks, indicating strong platform usage as well as reducing supply, which could impact the remaining coins’ value.

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