Update BEP-336: Path to Lower Fees on BNB Chain
Date: 2024-06-19 Author: Gabriel Deangelo Categories: BLOCKCHAIN
On June 20, 2024, the BNB Chain developers will conduct an important network upgrade to version BEP-336. The main goal of this update is to improve blockchain performance and significantly reduce transaction fees. This move aims to improve the performance of the entire BNB Smart Chain (BSC) ecosystem.
Main Features of BEP-336
According to the team, when creating BEP-336, the developers were inspired by the capabilities of the EIP-4844 hard fork for Ethereum. The new update promises to optimize data storage and processing on the blockchain, reducing transaction costs by up to 90%. The main innovation will be the introduction of a new type of transaction using large binary objects or “blobs” (BlobTx), which will simplify the process of verifying transactions and storing large pieces of data up to 128 KB.
The update will have a significant impact on BNB Greenfield, BNB Chain's decentralized storage infrastructure. The release states that the BlobHub system will ensure the integrity, availability and durability of the data used, which will significantly increase the efficiency of the entire system.
Benefits for the Ecosystem
The implementation of BEP-336 will bring tangible benefits to both developers and ecosystem participants:
- Reduced Gas Fees: Gas fees will be reduced by up to 90%, making transactions more affordable for users.
- Efficient Data Management: Updating will maintain data integrity without significantly consuming network space.
- Improved User Experience: BEP-336 will improve the performance of opBNB and other Layer 2 (L2) solutions on BSC, providing a smoother and more efficient network experience.
Developers Statement
“With BEP-336, the BNB Smart Chain team will be able to deliver unprecedented cost savings and efficiencies while solving data management and transaction cost issues. We look forward to the release of BEP-336, creating the potential for innovation and growth within the ecosystem,” the developers said.
Let us recall that in June 2024, the BNB Smart Chain team together with the venture organization Binance Labs launched a program to support Web3 projects. This demonstrates the team's commitment to not only improving the technical aspects of the network, but also actively promoting the development of innovative projects within its ecosystem.
The BEP-336 update represents an important step in the development of BNB Chain, aimed at improving performance and reducing transaction costs. The introduction of new technologies and improvements creates the potential for further innovation and growth, making BNB Chain one of the most promising platforms in the cryptocurrency world.
