• 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

Bitcoin Price Approaches Cyclical Bottom

chest

Recent analysis indicates that Bitcoin is currently at a significant price level, suggesting a potential cyclical bottom.

user avatarLi Weicheng

Bitcoin Price Declines Amid Bear Market

chest

Bitcoin's price is significantly below its all-time high, indicating a bear market.

user avatarAisha Farooq

Bitcoin Sharpe Ratio Indicates Market Conditions

chest

The Bitcoin Sharpe Ratio is at a historically low level, suggesting high risks for current investors.

user avatarTenzin Dorje

CFTC Expands Eligible Margin Collateral to Include National Trust Bank Issued Stablecoins

chest

The CFTC has updated its advisory to recognize payment stablecoins issued by national trust banks as eligible margin collateral.

user avatarBayarjavkhlan Ganbaatar

Digital Asset Firms Push for National Bank Charters to Enhance Credibility

chest

Digital asset firms are competing for national bank charters to enhance credibility and expand services under federal oversight.

user avatarElias Mukuru

Bitcoin Mining Difficulty Sees Major Drop Amid Price Struggles

chest

Bitcoin mining difficulty has dropped significantly, marking the largest adjustment since China's crackdown on mining.

user avatarMohamed Farouk

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.