Binance Smart Chain implements a system like Ethereum’s EIP-1559

Binance Smart Chain implements a continuous recording system like Ethereum’s EIP-1559

Binance successfully completed the Bruno v1.1.5 update today. The update means that a combustion mechanism is now implemented to reduce the circulating supply of the cryptocurrency BNB (Binance Coin).

  • The update allowed BEP95 to burn a fixed proportion of Binance Coin collected by each validator.
  • Bruno’s update was a hard fork that increased full node sync speed by 60%.
  • Analysts are bullish on the BNB cryptocurrency, predicting a 21.5% price increase if the altcoin breaks resistance.

BEP95 Now Burns 10% of Binance Coin Collected in Per Block Fees

BEP95, the protocol that burns 10% of the fees charged by each validator, is now active on Binance Smart Chain. Based on Bscscan data, the current BNB per burned block is set at 0.02-0.06. The burn rate is determined by the node’s vote and is currently set at 10%.

According to the estimate, the daily burn volume is between 577 and 1728 BNB tokens. A reduction in the circulating supply of the BNB cryptocurrency would trigger a shortage of altcoins, driving the price up.

The recording mechanism is similar to the EIP-1559 of the Ethereum network. Since the implementation of the Ethereum upgrade proposal at London Hardfork, more than one million ETH tokens have been burned. This prompted a rally in the price of Ethereum.

Binance Smart Chain Exchange Cryptomonnaies

Supporters expect the price of Binance Coin (BNB) to skyrocket in response to the implementation of burning.

The hard fork increased the node’s full sync speed by 60%. The price of BNB has registered gains of 6% during the past week. Cryptocurrency analysts on the YouTube channel “Crypto TD” are bullish on the BNB cryptocurrency. Analysts assessed the BNB price trend in a recent video and think:

Most likely, BNB has convincingly broken the upside resistance, and the next target for BNB would be 1.618 Fib from the current consolidation … it will hit an approximate target of $ 766 USD.

By Ekta Mourya, FXStreet

Ekta Mourya is currently pursuing her MBA in Finance. He has been working in the field of cryptocurrencies since 2017. He has held positions in the marketing team of major Indian crypto exchanges Koinex and CoinDCX. She is interested in day trading and the derivatives market.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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