Binance has successfully carried out the v1.1.5 Bruno hard fork network upgrade that will introduce token burning with each transaction.
News of Binance's new network upgrade has impacted its native token BNB prices that are currently trading at $645.54, recording a significant jump of 2.1% in the last 24 hours.
The BEP-95 upgrade will cater to the network's full node synchronisation. It will implement a new burning mechanism that ensures the network burns a fixed ratio of each block's fee that validators collect at the time of crypto transaction.
What is BEP 95 Bruno Hard Fork Upgrade?
The BEP-95 upgrade implemented by Binance introduces a real-time burning mechanism to Binance Smart Chain.
The network will ensure that a fixed amount of each block fee is burned that the validators will collect later. The exact ratio of the fee is adjustable through governance and is currently 10%.
“After the activation of this upgrade, the blockchain will be able to handle a series of new features and eliminate existing bugs,” Binance said.
While the token will burn 10% of the transaction fees, the BNB community can further adjust it.
BEP-95 Upgrade Hits BNB Price
Following the news of the Binance Bruno hard fork upgrade, the price of BNB registered a spike in its prices. It is currently trading at $645.54- up 8.9% in the past seven days. This is just 5.8% below its All-Time High of $686.31 from May 2021.
By burning more tokens, the BEP-95 upgrade will help increase the intrinsic value of BNB.
Binance has been administering periodic burning on its network to keep it more functional and secure in the long run. BNB's previous token burn eliminated over 1 million coins from circulation.
[Image: Christopher Burns/Unsplash/Binance]