BurnBNB Destroys 156800 BNBs worth $58.29 Million through BEP-95 Mechanism
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 …
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
Interpretation of the news:
Recently, BurnBNB, a decentralized finance (DeFi) platform, revealed on social media that it has destroyed 156800 Binance Coins (BNBs) worth about $58.29 million using the BEP-95 real-time destruction mechanism. This news has caught the attention of the cryptocurrency community and raised several questions about the functionality and benefits of the BEP-95 mechanism.
The BEP-95 mechanism is a groundbreaking innovation designed to improve the stability and utility of the Binance Smart Chain (BSC) ecosystem. It allows for the real-time burning or destruction of BNBs used to pay transaction fees on the platform. In essence, the more BNBs burned, the fewer BNBs will be in circulation, increasing the value of the remaining coins.
According to BurnBNB, it has been able to leverage the BEP-95 mechanism to burn a significant number of BNBs, resulting in a reduction in the circulating supply and an increase in the value of the remaining tokens. This development is a significant milestone for BurnBNB as it aligns with the platform’s mission to provide more value to its users.
This news also highlights the similarities between the BEP-95 mechanism and the Ethereum Improvement Proposal 1559 (EIP-1559) currently being implemented on the Ethereum network. Both mechanisms aim to decrease the volatility of their respective tokens by providing a more efficient and predictable transaction fee model. The EIP-1559 mechanism proposes to add a ‘base fee’ to every transaction that is then burned, reducing the number of Ethereum tokens in circulation and increasing the value of the remaining tokens.
In conclusion, the BEP-95 mechanism is a vital development in the Binance Smart Chain ecosystem that provides an innovative way to improve the stability and value of the BNB token. BurnBNB has leveraged this mechanism to destroy a significant number of BNBs, thereby reducing the circulating supply and increasing the value of the remaining tokens. This development aligns with the mission of BurnBNB to provide more value to its users and highlights the similarities between the BEP-95 mechanism and the EIP-1559 mechanism being implemented on the Ethereum network.
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On April 22nd, Pacman, the founder of Blur, tweeted that around 11:00 Beijing time on April 22nd, Blur detected a vulnerability in message processing that affected some bids cancel