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There have been some exciting developments in the Binance Smart Chain (BSC) ecosystem lately. To keep followers informed, Altcoin Buzz takes a look back at the most important BSC updates from last week.
During the fourth week of October, Binance Smart Chain (BSC) reached new heights in terms of daily active addresses. The BSC ecosystem also announced a proposal to adopt a fee-burning mechanism with key advantages. Let’s take look at these BSC updates in detail.
1 – Binance Smart Chain (BSC) Ecosystem Reach New Heights
During the week, Binance Smart Chain (BSC) reached a new all-time-high (ATH) of 1,624,489 daily active addresses.
gm #BinanceSmartChain 🥱
We broke a new daily active addresses ATH yesterday with 1.62million addresses active in 24hrs. pic.twitter.com/Erdwk6pPEf
— Binance Smart Chain (@BinanceChain) October 20, 2021
This is the second ATH the blockchain is reaching in the past two weeks. It also joins several key achievements the BSC blockchain has been getting since its inception.
2 – BSC Propose Fee-burning Mechanism to Improve BNB Value
Based on reports, a new Binance Evolution Protocol, BEP-95 was proposed to the BSC ecosystem. The BEP-95 proposes burning a share of the gas fees and this share should increase using the blockchain’s governance system.
This development will mean that:
- network validators get fewer gas fees
- lower the supply of the BNB token and
- increasing the demand and the value of the token.
In addition, the proposal stated that the burned fees should be 10% at first which will amount to about 681 BNB (equivalent to $334,000). However, the BEP-95 proposal needs to be approved before it can be implemented.
New way to burn #BNB🔥🔥🔥
⚡️This BEP-95 will speed up the burning process of BNB and make #BSC more decentralized.
Calculate how much BNB will be burned everyday👇https://t.co/iv4kRHGA3k
— Binance Smart Chain (@BinanceChain) October 22, 2021
“The BEP-95 burn is solely dependent on the activity on the BSC network, and it will continue functioning (decreasing BNB supply), even after the scheduled BNB burns by Binance.com reach the target supply of 100m BNB in circulation,” the report added.
3 – BSC Collaborates with MCDEX for Decentralized Derivatives
Following the recently acquired $1 billion growth fund, BSC will be investing in MCDEX, a decentralized derivatives exchange. The collaboration makes MCDEX the first decentralized perpetual swap on the BSC ecosystem.
Towards growing DEXs. Mass adoption, here we come!💯🏆
Congratulations to @MonteCarloDEX for securing one of the very first investments under $1B Growth Fund! ✨https://t.co/wMdpQym8QZ
— Binance Smart Chain (@BinanceChain) October 21, 2021
BSC joins a number of organizations investing in MCDEX such as Delphi Digital, Multicoin Capital, and Alameda Research amongst others.
Alex Odagiu, the Investment Manager of BSC Accelerator Fund commented saying: “MCDEX has posted tremendous growth since its inception, under the $1B fund we’re looking to support such projects that are capable of scaling for the upcoming wave of mass adoption…”
4 – Binance Smart Chain Roll-out Updated BSC v1.1.3
During the week, the blockchain platform announced that its v1.1.3 has launched. The report pointed out that the new version is focused on ensuring improved performance by including “diff sync protocol”. This new addition also ensures nodes work better.
BSC v1.1.3 is now available.
It is a performance improvement release introducing diff sync protocol, a fast block syncing protocol to lower the hardware requirement for running a BSC client. https://t.co/w9CKUy6ZOT
— Binance Smart Chain (@BinanceChain) October 20, 2021
BSC said it could take weeks to fully take effect based on the number of nodes involved.
BNB Price Information
As of the time of publication, Binance Coin’s price was $485.40 with a 24-hour trading volume of $1,331,004,116. BNB price also rose by 1.7% over the last 24 hours. It has a circulating supply of 170 Million BNB coins and a total supply of 168 Million.