• 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

Chainlink Struggles Below $10 Amid Market Uncertainty

chest

Chainlink continues to face challenges in breaking the $10 resistance level as traders await a decisive market move.

user avatarArif Mukhtar

Ran Neuner Warns of Potential Bitcoin Breakdown

chest

Ran Neuner expresses concerns about Bitcoin's chart structure resembling a previous breakdown pattern, influenced by Michael Saylor's funding strategy.

user avatarLuis Flores

Chainlink's Support Level Holds Amid Accumulation Phase

chest

Chainlink's support level around $9.60 shows resilience as accumulation patterns emerge, aided by significant outflows from exchanges.

user avatarMaria Gutierrez

Cloudflare CEO Calls for Crypto Stablecoins to Support AI Traffic

chest

Cloudflare CEO Matthew Prince calls for internet-scale stablecoin micropayments to support the rise of AI bot traffic, predicting it will surpass human traffic by 2027.

user avatarDavid Robinson

Render Token Surges to 4-Month High Amid Growing Demand for AI Infrastructure

chest

Render has experienced a significant price increase as demand for GPU computing power rises, leading to a surge in its network activity.

user avatarAndrew Smith

Bitcoin Price Experiences a Decline Correction.

chest

Bitcoin price has started a downside correction after failing to clear key resistance levels.

user avatarJacob Williams

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.