crypto for all

Crypto: BNB Chain Reduces Fees by 90% with Hard Fork Haber

Thu 20 Jun 2024 ▪ 4 min of reading ▪ by Evans S.
Getting informed Event

The crypto universe is constantly reinventing itself, and BNB Chain has made a significant move. The network recently activated the Haber hard fork, bringing a substantial reduction in transaction fees. Let’s explore the details of this major development and its implications for the crypto world.

Crypto BNB

A Technological Turning Point: the Haber Hard Fork

On June 20, BNB Chain announced the activation of the Haber hard fork, a breakthrough that promises to disrupt existing practices.

This update includes the BNB Evolution Proposal (BEP)-336, inspired by the Ethereum Improvement Proposal (EIP)-4844.

This proposal introduces an innovative concept: transactions carrying blob objects. These temporary memory segments allow capturing large volumes of data. This optimizes storage and data processing on the blockchain.

With this new configuration, the individual verification of crypto transactions within a block becomes unnecessary.

Now grouped in the attached blob, the transactions benefit from a streamlined verification process, resulting in lower costs. A significant reduction of 90% in network fees, recently announced, represents a real boon for BNB Smart Chain (BSC) users.

Cost Reduction and New Perspectives

The implementation of BEP-336 offers tangible benefits. Layer 2 costs on BNB Smart Chain will be drastically reduced, reaching around $0.0001.

This change is accompanied by a notable improvement in the optimistic layer 2 solution, opBNB, which will benefit from this fee reduction.

Though similar to Ethereum’s EIP-4844, BEP-336 is specifically designed for BSC. The blobs are managed solely by the BSC client. Additionally, the pricing mechanism adapts to the specifics of this blockchain. Unlike Ethereum, BSC does not burn the base fees in the blobs, preserving more value for users.

This update will also impact BNB Greenfield, a decentralized storage solution. With “BlobHub,” a new data archive layer, Greenfield will improve data storage for decentralized applications (DApps) and layer 2 networks. An evolution that opens new opportunities for developers and users looking to leverage the power of crypto.

Market Impact and Price of BNB Crypto

The activation of the Haber hard fork coincides with a period of volatility for BNB Chain’s native crypto, BNB.

On June 6, BNB tokens reached an all-time high of $717.48. However, the price quickly corrected, dropping to $579 on June 18. Currently, BNB crypto oscillates around $605, reflecting the market’s fluctuating dynamics.

The initial increase in BNB’s price, which outperformed the market in general, raised questions among traders.

Many wonder if this bullish trend can be sustained. Nevertheless, the 90% fee reduction and the technological innovations brought by the Haber hard fork could provide strong support for this crypto, reinforcing its market position.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.