BNB Chain Community Considers Proposal to Reduce Transaction Fees in Consensus Protocol BSC.
Did you know? 🧐
The official BNB Chain forum hosts proposals aimed at improving our network. Right now, we’re discussing a proposal for adopting lower transaction fees to enhance our competitiveness.
Visit the link below and share your thoughts!https://t.co/ry7RyYyq0f
— BNB Chain (@BNBCHAIN) March 29, 2023
The author, ArnoB, noted that L2 solutions have become more common lately, offering users lower fees compared to the first-level BNB Chain blockchain.
ArnoB recalled that the network’s commission is now set “at a relatively high flat rate” of 5 gwei.
In his opinion, this will allow the blockchain and L2 protocols based on it to remain competitive. ArnoB noted that the approach he proposes will help:
- increase the stability of the network due to the influx of new projects;
- attract new users to the ecosystem, which contributes to the growth of the volume of fees collected;
- optimize the use of block space, which will allow validators to receive more rewards.
According to ArnoB, blockchain performance has stabilized over the past six months, with usage hovering in the 15-20% range. As the figure rises, even with lower rates, total network fees will increase, he suggested based on several models.
In March, the developers of decentralized exchange Uniswap deployed the third version of the protocol on BNB Chain.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
