BNB
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.
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.
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.
Latest News
3h : 38m ago
Ondo Finance’s New Blockchain: What is Ondo Chain
4h : 8m ago
Everything You Need to Know About Analog's Official Launch
5h : 8m ago
Telegram Meets AI Agents: TheOpenLayer Partners with NPC Team
6h : 53m ago
Donald Trump-Backed World Liberty Financial Plans to Create "Strategic Reserve"
8h : 23m ago
When Will Pi Launch Open Network Mainnet?
8h : 38m ago
Cboe BZX Files for Multiple Spot XRP ETFs with SEC: What You Need to Know
February 6, 2025
Wow Earn Teams Up with Phoenix Group, Singapore Airlines, and Singapore Tourism Board to Revolutionize Cruise Tourism Through Web3 Integration
February 6, 2025
New BNB Chain Memecoin Surges After CZ Post: “Not An Endorsement”