Binance Smart Chain, the decentralized blockchain backed by Binance, could be implementing a gas-burning mechanism in the near future. Developers of the chain unveiled a proposal that points in that direction. The proposal, called BEP-95, would burn some of the fees that users spend to make transactions or to interact with smart contracts on the network.
Normally these fees would go to validators as rewards for securing the network. But with BEP-95, 10% of these funds would be burned depending on network activity. This percentage is subject to change, and members can change this number via community vote. According to the proposal, the goal of this new implementation would be to “speed up the BNB burning process and improve its intrinsic value by burning a portion of gas fees.”
You can read the full details of this update below.
Binance Smart Chain Devs Propose Ethereum-Like Gas Fee Burning Mechanism