• 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

Aave Reclaims Critical Support Level as DeFi Assets Show Recovery Signals

chest

Aave has reclaimed a key support level, indicating potential recovery in the DeFi market amidst recent volatility.

user avatarLi Weicheng

SecondFi Completes Final Balance Snapshot for Affected Wallets

chest

SecondFi has completed the final balance snapshot for affected wallets.

user avatarAisha Farooq

BNB Chain Achieves Major Milestone with $5 Billion in Tokenized Assets

chest

BNB Chain has recently surpassed a remarkable milestone of $5 billion in tokenized stock and real-world asset volume.

user avatarTenzin Dorje

Ripple CEO Emphasizes Importance of Editorial Integrity

chest

Ripple's CEO Brad Garlinghouse discusses the company's strict editorial policy emphasizing accuracy and impartiality.

user avatarBayarjavkhlan Ganbaatar

Elon Musk Unveils X Money with Visa Integration

chest

Elon Musk announces the launch of X Money, featuring Visa card integration and peer-to-peer payment capabilities.

user avatarMohamed Farouk

Bitcoin Trades Below 200-Week Moving Average as Accumulation Signal Emerges

chest

Bitcoin is currently trading below its 200-week moving average, which is being watched as a potential accumulation signal by traders amidst market volatility.

user avatarElias Mukuru

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.