CZ drops biggest hint yet regarding ambition for BNB. How big can Binance go?
BNB Exploring Deflationary Avenues?
Binance token, $BNB, has had a dream year. The token has seen its price move from around the $40 mark in January to nearly $700 in May, and more recently settling over $500 again, according to CoinMarketCap.
This surge should be no surprise and is well within the furtively mentioned aim of challenging ETH. Binance CEO Changpeng Zhao (CZ) has rarely responded to comparisons with Ethereum and even dismissed hopes of adopting deflationary mechanisms––until now.
In a tweet on the 23rd of August, PancakeSwap provocatively enquired about the possibility of BSC’s transaction fees being burned.
“Careful what you wish for, #BNB,” was the response from CZ.
Ultra-Ultrasound Money
Comparisons to Ethereum are, of course, everpresent, firstly due to the powerhouse impact, both Binance and Ethereum have had on launching other projects, and secondly because of expectations in token price.
Bitcoin enthusiasts have often relied on the fact that it retains a limited supply of 21 million to maintain its value, referring to it as ‘sound money.’ With Ethereum’s London hard fork taking a deflationary turn, many supporters have jumped on the choice term ‘ultrasound money’ to underline the potential of ETH- prompting a slew of memes on social media.
With CZ’s exciting response to PancakeSwap, many that have long been calling for deflationary mechanisms to be employed in BNB will have reason to be excited. Ethereum’s hard fork, which is being dubbed ‘ultrasound money,’ may well see BNB take on a similar moniker.
Of course, for the moment, this remains speculation. While CZ’s response has caused quite a stir, the decisions behind any such step being taken rely on the validators behind the scenes.
This is a developing idea at the time of writing, but there is just cause to be excited, and we’ll be following very closely as developments occur.
Source : bsc.news
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