Justin Sun, the founder of Tron, recently addressed the sudden spike in withdrawal fees on Binance. The hike was triggered by the passing of Proposal 83 through the Tron community—a proposal that modified the energy charging model to a dynamic one.
Justin Sun, who also leads Huobi, posted in a Twitter thread that he is working closely with Binance and “actively exploring solutions that would reduce withdrawal fees of Tron stablecoins and tokens on the exchange.”
“At TRON, we are dedicated to building a network that is cheap, fast, and secure. We remain committed to making crypto trading more affordable for everyone.”Justin Sun
Binance announced yesterday that the increase in withdrawal fees affected four different groups of cryptocurrencies. However, the first group was Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD), where withdrawal cost surged to 160%— from 1 USDT to 2.6 USDT. It is also essential to know that Binance’s official stablecoin BUSD also saw a withdrawal hike from 0.8 BUSD to 2.2 BUSD. Tron’s TRX was the third group, whose withdrawal fee surged from 1TRX to 15 TRX —about a 1500% increase.
The last set of cryptocurrencies that experienced an increase in withdrawal price is WIN, BTTC, JST, NFT, and SUN. Before the hike, withdrawal fees were 89,687 BTC, 50 JST, 30,600 NFT, and 10 SUN. Nonetheless, the hike in withdrawal fees will enact an equivalent of 40 TRX per withdrawal.