Binance will stop BNB deposits and withdrawals during BSC hard fork

The Binance Smart Chain (BSC) is planning a hard fork of Bruno. It will take place on the 13.082 million blockchain block, which will be mined on November 30, 2021 at 08:00 (UTC).

In the morning at 07:45 (UTC), the cryptocurrency exchange will suspend the input and output of BNB and intra-chain tokens. Account deposits and withdrawals will be reinstated upon completion of the hard fork.

Updating the blockchain programming code by deploying the BEP-95 proposal will speed up node synchronization by 60%. This will make Binance Smart Chain more decentralized.

Also, BSN will change the mechanism for burning BNB tokens. Now it will be implemented by analogy with the destruction of ETH on the Ethereum network, when part of the commissions is burned to overcome inflation.

The validators will determine how many tokens are burned. This will become an additional incentive for the growth of the price of the cryptocurrency and will greatly facilitate its turnover.

Recall that for more than a year, the creators of the exchange have been using 20% ​​of their profits to redeem and withdraw BNB coins from circulation. Due to the regular destruction of tokens, a constant increase in the price of the cryptocurrency is maintained. It is currently trading in excess of $ 626.

The burning will continue until the number of tokens in circulation decreases by 50% and reaches 100 million. Recall that the last burning of BNB tokens took place on October 18, 2021. Coins worth $ 640 million were purchased and destroyed.

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