BNB Chain Slashes Fees With Hard Fork

BNB Chain introduces blob-carrying transactions through BEP-336, initiating the Haber hard fork to enhance data processing and storage.

The BNB Evolution Proposal (BEP)-336 was introduced by BNB Chain when its Haber hard fork was initiated to optimize network data processing and storage.

The blockchain network claimed a 90% decrease in blockchain fees when it declared on June 20 that the hard fork had been successfully initiated. BEP 336 is a proposal that simplifies the verification process by enabling blob-carrying transactions. It is modeled around the Ethereum Improvement Proposal (EIP)-4844.

BNB Chain 90% reduction in layer-2 expenses

BNB Chain claims that layer-2 costs on the BNB Smart Chain (BSC) will be 90% reduced with implementing BEP-336. According to the network, their optimistic rollup layer-2 solution, opBNB, will reduce network fees to approximately $0.0001.

The new version will allow transactions to be validated within the associated blob. This temporary memory segment stores huge data chunks rather than being checked separately within a block.

The BEP-336 is specific to BSC, according to BNB Chain, even though the update appears comparable to Ethereum’s EIP-4844. The BSC client is the only one who can manage blobs on BSC. Moreover, the pricing structure is designed to align with BSC. Unlike Ethereum’s burning method, the base fee is not burned within blobs by BSC.

The decentralized storage system BNB Greenfield is also anticipated to be impacted by the latest version. “BlobHub,” a data archive layer, will reportedly improve Greenfield’s decentralized storage and data management. This optimizes data storage in layer-2 networks and decentralized applications (DApps).

The price of BNB hits a new all-time high.

The network’s native cryptocurrency, BNB, has reached a new price milestone: BNB $602. This coincides with the next hard fork. BNB tokens surpassed their all-time high of $717.48 on June 6. On June 18, there was a correction in price, and it fell to $579. Currently, BNB is at $605 per unit.

The price increase of BNB during the first week of June outpaced the performance of the cryptocurrency market during the same period. The demand increased by just 4.2%, but BNB saw a 19% gain. Despite this, traders were searching for signs to continue the momentum and were doubting the rally’s longevity.