Binance Smart Chain (BSC) has finally activated its BEP-95 upgrade which would lead to the phase out of the old manual burning method to an automatic burning mechanism. Though the burning mechanism shares a few similar features with that of Ethereum’s EIP-1559, there are quite a number of differences in both burning methods.
Binance’s BEP-95 is live
Earlier in the week, the BSC official twitter handle revealed that the new mechanism has been launched and its burn ratio, at inception, sits at only 10%.
This mechanism had been introduced since October when the Binance team stated that the goal of the new burning technique was to speed up the burning process which they believe could drive an upward movement in the value of the crypto exchange native token as it would become more scarce.
According to Binance, “this burning mechanism would further reduce BNB supply; thus, increasing demand would drive the BNB value higher.”
It however noted that the drawback to this mech
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