BEP-95 Definition
BEP-95 is a proposal standard for the Binance Smart Chain (BSC) that introduces a burn mechanism for tokens. This proposal allows tokens to be burned from any address, including the zero address, which is typically where tokens are sent when they are burned. The BEP-95 standard is an improvement on the previous BEP-20 standard, which did not include a burn function.
BEP-95 Key Points
- BEP-95 is a token standard for the Binance Smart Chain (BSC).
- It introduces a burn mechanism for tokens, allowing them to be destroyed to reduce the total supply.
- Tokens can be burned from any address, including the zero address.
- This standard is an improvement on the previous BEP-20 standard, which did not include a burn function.
What is BEP-95?
BEP-95 is a token standard for the Binance Smart Chain, a blockchain network built for running smart contract-based applications. The BEP-95 standard introduces a burn function, which allows tokens to be permanently removed from circulation. This is a key mechanism for managing the total supply of a token, and can be used to create deflationary pressure, potentially increasing the value of remaining tokens.
Why was BEP-95 created?
BEP-95 was created to address a limitation in the previous BEP-20 standard, which did not include a burn function. Without a standard method for burning tokens, developers had to implement their own methods, leading to inconsistency and potential security risks. BEP-95 solves this problem by providing a standard, secure method for burning tokens.
Who can use BEP-95?
BEP-95 can be used by anyone developing a token on the Binance Smart Chain. This includes developers of decentralized applications (dApps), decentralized finance (DeFi) projects, and other blockchain-based applications. Users of these applications can also interact with BEP-95 tokens, for example by trading them or participating in token burns.
When was BEP-95 introduced?
The BEP-95 standard was proposed in November 2021. It was accepted and implemented on the Binance Smart Chain shortly afterwards.
Where can BEP-95 be used?
BEP-95 can be used on the Binance Smart Chain, a blockchain network that supports smart contracts. This includes any application built on the Binance Smart Chain, such as decentralized exchanges (DEXs), lending platforms, and other DeFi projects.
How does BEP-95 work?
BEP-95 introduces a burn function to the token standard. This function allows tokens to be permanently removed from circulation by sending them to any address, including the zero address. The burn function can be called by anyone, but it is typically controlled by the token’s developers or governance mechanism. Once a token is burned, it cannot be recovered, effectively reducing the total supply of the token.
