BNB

BSC Validators Vote to Slash Gas Fees by 40% on BNB Chain Transactions

by BSCN

April 20, 2023

The cost of gas will be reduced from 5 gwei to 3 gwei, which currently is valued at about $0.02.

Gas Reduced From 5 Gwei to 3 Gwei

BSC validators have voted to cut gas fees on BNB Chain by 40%, approving a proposal that cites increased competition from low-cost Ethereum layer-2 networks.

According to the proposal gas fees will be reduced from 5 gwei to 3 gwei. According to BscScan, the cost of 3 gwei currently is about $0.02.

“Over the last 6 months, the key measurements of the network have plateaued, creating a situation where the network is underutilized, with utilization varying between 15-20%. To prevent a slower pace of growth in comparison to rapidly growing L2 solutions, BSC validators should feel the urgency to reassess their current transaction fee structure,” according to the proposal from ArnoB.

The proposal states that lowering gas fees on the layer-1 BNB Chain would make it more competitive, and also provide advantages to future layer-2 BNB chain solutions.

“By implementing this proposal, both BSC L1 and L2 would benefit from increased competitiveness and market adaptability, creating a win-win solution for the entire ecosystem,” according to the proposal.

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What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

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