• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Transaction fees on the BNB Chain network have been reduced by 90% thanks to BEP 336

Transaction fees on the BNB Chain network have been reduced by 90% thanks to BEP 336

user avatar

by Eve Adams

2 years ago


On June 20, the BNB Chain ecosystem activated the hardfork BEP 336 Haber, which significantly reduced transaction costs for L2 solutions by 90% compared to previous levels. This long-awaited update was aimed at improving the overall performance of the network.

One of the key elements of the update was the introduction of BLOB objects, which are capable of handling large volumes of data, up to 128 KB each. Instead of verifying each transaction within a block individually, the network will now verify only the data within the attached BLOB. This innovation significantly simplifies and speeds up the transaction verification process.

The temporary storage mechanism, which ensures a compact and unloaded blockchain network, also plays an important role in improving performance. This approach allows the network to operate more efficiently, reducing load and increasing transaction processing speed.

The developers emphasized that the update will bring tangible benefits to users of all second-layer solutions on the BNB Chain Smart Chain. In particular, opBNB will now be able to offer further cost reductions to approximately $0.0001, making it even more attractive to users.

Furthermore, it is worth noting that earlier, BNB Chain and Binance Labs launched the BNB Incubation Alliance initiative aimed at supporting early-stage Web3 projects. This initiative demonstrates the ecosystem's commitment to developing and supporting innovations in blockchain technology.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Concerns of an AI Bubble Similar to 2008 Housing Crisis

chest

Concerns about a potential AI bubble are being discussed, drawing comparisons to the 2008 housing crisis and the dot-com bubble.

user avatarZainab Kamara

Rising Treasury Yields Impact Stock and Crypto Markets

chest

The recent surge in US 30-year treasury yields is impacting stock and cryptocurrency markets, leading to increased borrowing costs and a preference for safer investments.

user avatarJacob Williams

AI Companies Destroying Books for Training Data Raises Concerns

chest

AI companies are acquiring and destroying physical books to create training datasets, raising concerns about copyright and the preservation of literary works.

user avatarSon Min-ho

Cryptocurrency Scams Account for Over Half of Cybercrime Losses

chest

A report by the Consumer Federation of America reveals that cryptocurrency scams have led to significant financial losses, with estimates reaching 807 billion.

user avatarAyman Ben Youssef

Zcash Launches Ironwood Upgrade to Enhance Security and Privacy

chest

Zcash has launched the Ironwood upgrade to prevent counterfeit coins from entering circulation and to enhance privacy.

user avatarTando Nkube

Morgan Stanley Boosts Apple Stock Rating

chest

Morgan Stanley has reiterated its buy rating on Apple stock, raising the price target to $364.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.