{"id":51623,"date":"2021-10-22T13:13:41","date_gmt":"2021-10-22T10:13:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51623"},"modified":"2025-09-03T00:48:31","modified_gmt":"2025-09-02T21:48:31","slug":"binance-smart-chain-developers-propose-burning-a-portion-of-fees-in-an-ethereum-style-move","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-smart-chain-developers-propose-burning-a-portion-of-fees-in-an-ethereum-style-move\/","title":{"rendered":"Binance Smart Chain developers propose burning a portion of fees in an Ethereum-style move"},"content":{"rendered":"<p>Binance Smart Chain (BSC) developers published a BEP-95 improvement proposal envisaging a mechanism to burn a portion of validators&#8217; fees.<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">New way to burn <a href=\\\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BNB<\/a>\ud83d\udd25\ud83d\udd25\ud83d\udd25<\/p>\n<p>\u26a1\ufe0fThis BEP-95 will speed up the burning process of BNB and make <a href=\\\"https:\/\/twitter.com\/hashtag\/BSC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BSC<\/a> more decentralized.<\/p>\n<p>Calculate how much BNB will be burned everyday\ud83d\udc47<a href=\\\"https:\/\/t.co\/iv4kRHGA3k\\\">https:\/\/t.co\/iv4kRHGA3k<\/a><\/p>\n<p>\u2014 BNB Chain (@BNBCHAIN) <a href=\\\"https:\/\/twitter.com\/BNBCHAIN\/status\/1451461048951717890?ref_src=twsrc%5Etfw\\\">October 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/div>\n<\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>The update would be implemented if it garners more than 50% of the votes.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The project team noted that the proposed mechanism is intended to \u201cspeed up the burning of BNB and make BSC more decentralized.\u201d It could also raise the price of Binance Coin and, in the long run, increase validators&#8217; rewards in fiat terms, the developers say.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The solution provides for burning a fixed share of gas in each block. The coefficient can be adjusted by validators; by default it stands at 10%.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to data from <a href=\\\"https:\/\/bscscan.com\/chart\/transactionfee\\\">BscScan<\/a>, on October 21 the network&#8217;s fee volume was around 6,814 BNB (~$3.4 million) \u2014 one-tenth would be subject to burning.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"939\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/chart-43-1024x939.png\\\" alt=\\\"\u0420\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u0447\u0438\u043a\u0438 Binance Smart Chain \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0438\u043b\u0438 \u0441\u0436\u0438\u0433\u0430\u0442\u044c \u0447\u0430\u0441\u0442\u044c \u043a\u043e\u043c\u0438\u0441\u0441\u0438\u0439 \u043f\u043e \u0430\u043d\u0430\u043b\u043e\u0433\u0438\u0438 \u0441 Ethereum\\\" class=\\\"wp-image-153717\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/chart-43-1024x939.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/chart-43-300x275.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/chart-43-768x704.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/chart-43.png 1200w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Data: BscScan.<\/figcaption><\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>Meanwhile, Binance will continue quarterly burning of BNB \u2014 on October 19 the exchange carried out this procedure for the 17th time. In the course of this it removed 1,335,888 BNB from circulation worth over $639 million.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Yesterday we burnt $639M of <a href=\\\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BNB<\/a>. <\/p>\n<p>Read <a href=\\\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\\\">@cz_binance<\/a>&#8216;s quarterly update, covering:<br \/>\ud83d\udd38 <a href=\\\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Binance<\/a>&#8216;s growth<br \/>\ud83d\udd38 Crypto regulation<br \/>\ud83d\udd38 Our recent progress<\/p>\n<p>And much more \ud83d\udc47<a href=\\\"https:\/\/t.co\/uJmqDazse7\\\">https:\/\/t.co\/uJmqDazse7<\/a><\/p>\n<p>\u2014 Binance (@binance) <a href=\\\"https:\/\/twitter.com\/binance\/status\/1450363501067767813?ref_src=twsrc%5Etfw\\\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/div>\n<\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>The BSC developers noted that BNB is not an inflationary token, and validators do not earn income from mining, as with Bitcoin or Ethereum.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In the network <a href=\"https:\/\/forklog.com\/en\/news\/ethereums-london-hard-fork-goes-live\">was implemented in August 2021<\/a> during <a href=\"https:\/\/forklog.com\/en\/news\/welcome-to-london-how-ethereum-withstood-another-hard-fork\">the London hard fork<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Commenting on the proposal, one user described it as \u201cnot looking good.\u201d He noted that Ethereum miners continue to mint new coins.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cInfinite deflation destroys the economy. People will hold BNB rather than use it. When everyone does that, BNB will die,\u201d he said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Against the BEP-95 publication and the start of voting, the token price neared $500.  <\/p>\n<p>\\n\\n\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/SqY1BVHw0brAyIBiTxJsLhf8zAUQai6p8evcA-F-X0k3pBKaJ-YHQp-Pjp0X4EBQjpvPt-Q9eahFfKR_9AV7Y2_FL8wwwCSeB1yUiDeCd4KQjbckuYQT-TJOymZlUUYVDXVX6Dya=s1600\\\" alt=\\\"\u0420\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u0447\u0438\u043a\u0438 Binance Smart Chain \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0438\u043b\u0438 \u0441\u0436\u0438\u0433\u0430\u0442\u044c \u0447\u0430\u0441\u0442\u044c \u043a\u043e\u043c\u0438\u0441\u0441\u0438\u0439 \u043f\u043e \u0430\u043d\u0430\u043b\u043e\u0433\u0438\u0438 \u0441 Ethereum\\\"\/><figcaption>Data: <a href=\\\"https:\/\/www.tradingview.com\/\\\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-sets-up-a-1-billion-fund-to-develop-the-bsc-ecosystem\">established a $1 billion fund<\/a> to develop and support the BSC ecosystem.<\/p>\n<p>\\n\\n\\n\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance Smart Chain (BSC) developers published a BEP-95 improvement proposal envisaging a mechanism to burn a portion of validators\u2019 fees.<\/p>\n","protected":false},"author":1,"featured_media":51624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1307],"class_list":["post-51623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bnb-chain"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=51623"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51623\/revisions"}],"predecessor-version":[{"id":51625,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51623\/revisions\/51625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/51624"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=51623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=51623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=51623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}