A new proposal posits that Binance Smart Chain should adopt a regular fee-burning mechanism, somewhat similar to the one implemented via Ethereum’s EIP-1559. So far the proposal is in draft stage and is awaiting a vote to be implemented.
The proposal recommends that a portion of the transaction fees in each block should be burned and that the proportion should be adjustable through the network’s governance system. The net result would be that validators on the network would receive fewer transaction fees as they would be destroyed instead. This would help to lower the circulating supply of BNB over time.
Burning is the term used for when cryptocurrencies are sent to a „burn address” and are no longer accessible. Since nobody can spend them any longer, they are deemed to be destroyed and no longer count in the total supply of coins.
The proposal suggests that the portion of burned fees should be initially set to 10%. Currently the network sees around 6814 BNB ($3.4 million) i
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