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Binance proposes new fee burning mechanism for BSC
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Following the lead of Ethereum‘s EIP-1559, Binance Smart Chain (BSC) has introduced a new proposal. One that intends the blockchain should adopt a real-time fee-burning mechanism. The BEP-95 aims to decentralize the blockchain even further, while also increasing the valuation of the chain’s native token – Binance Coin.
The proposal recommends that a part of the transaction fee collected by validators in each block on the network should be burned. Further, the proportion that would be burned would be adjusted through the network’s governance mechanism. The proposal also elaborated on the requirement for this system, stating,
“The BSC network can speed up the BNB burning process and improve its intrinsic value by burning a portion of gas fees.
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