⛏️⚒️🛠 BNB Smart Chain to Launch BEP
336 Upgrade 🛠⚒️⛏️
How Binance Smart Chain Increased BNB’s Value: The BEP-336 Upgrade
The BEP-336 proposal — also known as the Burno Upgrade— is a proposal that will burn a portion of BNB tokens as part of gas fees for transacting on Binance Smart Chain.
BNB has been designed to be a deflationary token: because there is an absence of a mining algorithm that issues more BNB tokens, the supply has been capped at 200 million tokens. Out of this, about 100 million tokens were issued as part of Binance's ICO in 2017. Since then, Binance scheduled regular burnings of its token, with the latest burning event happening in April 2021 and burning over 1M BNB. The primary purpose of BNB is that it is a utility token used within the now-growing DeFi ecosystem on Binance Smart Chain (BSC, Binance's native blockchain).
