BNB Chain activates BEP 336 hard fork, reducing fees by 90%

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BNB Chain, the blockchain ecosystem governed by the community and featuring the most extensive smart contract blockchain globally, has officially implemented the BEP 336 Haber hard fork today. This upgrade implements blob-carrying transactions, significantly reducing gas expenses by up to 90%.

Also Read: Binance rolls out HODLer airdrops to BNB Holders

On June 20, the blockchain network reported the successful activation of the hard fork, drawing inspiration from the Ethereum Improvement Proposal (EIP)-4844. The hard fork enables the inclusion of blob-carrying transactions, a concept that simplifies the verification process.

BNB Chain activated hard fork

BNB Chain has announced that the implementation of BEP-336 will result in a 90% reduction in layer-2 costs on the BNB Smart Chain (BSC). The network asserted that its opBNB optimistic rollup layer-2 solution will experience a significant reduction in network fees, estimated to be approximately $0.0001.

With the latest version, transactions will no longer require separate verification within a block. Instead, they will be validated within the associated blob, which is a temporary memory segment that captures big data chunks.

Source: BNB Chain

The upgrade introduces “Blob-Carrying Transactions” (BlobTx) to the network. A blob is a temporary and economical memory segment that can store substantial data chunks, with a maximum size of 128 KB per chunk. Instead of individually confirming each transaction within a block, the network just needs to verify the data contained in the attached blob.

According to the upgrade, the temporary storage system guarantees an efficient and streamlined blockchain, enhancing the network’s overall performance. The BNB Chain ecosystem offers enhanced accessibility, benefiting experienced developers as well as newcomers to blockchain technology through reduced expenses and increased efficiency. 

BNB Greenfield upgrade in the works

The planned update will also impact BNB Greenfield, a decentralized storage solution. BNB Chain has announced that Greenfield will receive an upgrade to its decentralized storage and data management system, known as “BlobHub.” This upgrade will provide an additional layer of data archiving. 

The BEP 336 update will also leave a major impact on BNB Greenfield. Greenfield enhances decentralized storage and data management with “BlobHub,” a data archive layer that optimizes large-scale data storage for Layer 2 blockchains and decentralized applications (Dapps).

BNB Chain

While the update appears to be comparable to Ethereum’s EIP-4844, BNB Chain has stated that the BEP-336 is designed specifically for BSC. Blobs on BSC are only managed by the BSC client. Furthermore, the price method is designed to fit BSC. Unlike Ethereum’s burning method, BSC does not burn the base fee within blobs.

BNB market performance surges

The new hard fork coincides with a significant price milestone for the network’s native crypto coin, BNB. In the first week of June, BNB’s price gain outperformed the overall performance of the crypto market during that time.

According to the latest update from Binance, the current price of BNB is $603.48 per (BNB/USD), and the market cap is $88.77B. The trading volume for the past 24 hours is $1.72 billion. 

Source: Binance

BNB has experienced a 0.72% increase in the past 24 hours and currently has a circulating supply of 147.58M. Today, the global crypto market cap stands at $2.52 Trillion, with a 1.21% change in the last 24 hours.

Also Read: The IMF advocates for CBDCs in the Middle East’s financial system

Currently, Bitcoin’s (BTC) market cap stands at $1.3 trillion, indicating a 51.43% dominance of Bitcoin. Meanwhile, stablecoins’ market cap stands at $162 Billion, accounting for a 6.41% share of the overall crypto market cap.

Cryptopolitan Reporting by Florence Muchai

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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