Binance Smart Chain (BSC) developers have suggested building Ethereum like gas fee burning mechanism for the BNB coin. They explained that both the holders and validators of the coin will benefit from this upgrade. The proposal from Devs suggested that BEP-95 of Binance and EIP-1559 of Ethereum are quite similar for burning the fees.
Ethereum like gas fee burning mechanism for BSC:
The decentralized blockchain backed by the Binance, Binance Smart Chain (BSC), developers has revealed a proposal in which they have suggested to implement Ethereum like gas fee burning mechanism for the BNB coin. The proposal explained the mechanism of BEP-95, a protocol that will burn the 10% of each transaction fee, which eventually was supposed to go to the validator of the transactions.
The proposed protocol of BNB is just like EIP-1559 of Ethereum and this Ethereum like burning mechanism will increase the burning process which will increase the intrinsic value of the coin. Currently, the exchange arranges the burning event of the token and they have a goal to burn 100 million BNB tokens. But once this limit is reached, no token burning event will be held. So, in order to make BNB more sustainable and vibrant, the developers have suggested creating Ethereum like gas burning mechanism.
This new proposal of developers looks like a spitting image of the Ethereum s upgrade EIP-1559. The main purpose of this is to lower the supply of BNB and make it scarce. It is in the interest of exchange to keep a check on the issuance and supply for maintaining price accordingly. Ethereum like gas fee burning mechanism’s proposal is in the early stages and could be changed before implementation.
I think these upgrades are very necesaary for the newtork as it will make the supply of the token scarce. Ethereum like gas fee burning mechansim will be best for the BNB’s sustainbility. For more content please click here.