BEP-95 Summary
- An enhancement proposal for the Binance Smart Chain (BSC).
- Introduces a real-time burning mechanism for BNB tokens.
- Aims to make BNB more deflationary over time.
- Increases decentralization and governance within the BSC ecosystem.
- Proposed to improve the value and utility of BNB.
BEP-95 Definition
BEP-95 is a Binance Evolution Proposal designed to introduce a real-time burning mechanism for Binance Coin (BNB). This proposal aims to make BNB more deflationary by reducing its supply over time, thereby increasing its value and utility within the Binance Smart Chain ecosystem.
What Is BEP-95?
BEP-95 is a Binance Evolution Proposal focused on implementing a real-time burning mechanism for BNB tokens.
This means that a portion of the gas fees collected on the Binance Smart Chain will be permanently removed from circulation.
This mechanism aims to reduce the total supply of BNB over time, making it more deflationary.
Who Proposed BEP-95?
BEP-95 was proposed by the Binance Smart Chain development team.
The team is responsible for maintaining and upgrading the Binance Smart Chain, ensuring its robustness and efficiency.
The proposal is part of Binance’s ongoing efforts to enhance the functionality and value proposition of BNB and the BSC ecosystem.
When Was BEP-95 Introduced?
BEP-95 was officially introduced in November 2021.
The proposal was part of a broader set of initiatives aimed at improving the Binance Smart Chain.
Since its introduction, BEP-95 has been discussed extensively within the BSC community and has seen active participation from stakeholders.
Where Is BEP-95 Implemented?
BEP-95 is implemented on the Binance Smart Chain, a blockchain running parallel to the Binance Chain.
The Binance Smart Chain supports smart contracts and decentralized applications (dApps), making it a versatile platform for blockchain developers.
The real-time burning mechanism introduced by BEP-95 operates within this ecosystem.
Why Was BEP-95 Proposed?
BEP-95 was proposed to address several key objectives.
Firstly, it aims to make BNB more deflationary, thereby increasing its value over time.
Secondly, it seeks to enhance the decentralization and governance of the Binance Smart Chain by involving the community in the burning process.
Lastly, the proposal is designed to improve the overall utility and significance of BNB within the ecosystem.
How Does BEP-95 Work?
BEP-95 works by introducing a real-time burning mechanism that affects the gas fees collected on the Binance Smart Chain.
A fixed percentage of these fees is automatically burned, reducing the total supply of BNB.
This burning process is transparent and can be monitored by the community, ensuring trust and accountability.
The exact percentage of gas fees to be burned can be adjusted through governance votes, allowing for community participation in the decision-making process.
