July 24, 2024
Latest Cryptocurrency News

BNB Chain Cuts Costs by 90% with Haber Hard Fork

Introduction of BEP-336

BNB Chain has successfully activated its Haber hard fork, introducing BNB Evolution Proposal (BEP)-336. This update aims to optimize data storage and processing on the network. Announced on June 20, the hard fork highlights a significant 90% reduction in blockchain fees. BEP-336, inspired by Ethereum Improvement Proposal (EIP)-4844, enables blob-carrying transactions, which simplifies the verification process.

Reducing Layer-2 Costs by 90%

With the implementation of BEP-336, BNB Chain claims that layer-2 costs on the BNB Smart Chain (BSC) will be reduced by 90%. The network’s optimistic rollup layer-2 solution, opBNB, is expected to see network fees drop to around $0.0001. This update means transactions no longer need individual verification within a block but will be verified within an attached blob—a temporary memory segment that captures large data chunks. Although similar to Ethereum’s EIP-4844, BEP-336 is tailored specifically for BSC. Blobs on BSC are managed solely by the BSC client, and the pricing mechanism is crafted to fit BSC’s framework. Unlike Ethereum’s fee-burning mechanism, BSC does not burn the base fee within blobs.

Impact on BNB Greenfield

The Haber hard fork also enhances BNB Greenfield, a decentralized storage solution. According to BNB Chain, Greenfield’s decentralized storage and data management will improve with the introduction of “BlobHub,” a data archive layer. This development optimizes data storage for decentralized applications (DApps) and layer-2 networks, providing more efficient and scalable solutions for users.

BNB Price and Market Impact

The activation of the Haber hard fork coincides with a new price milestone for BNB Chain’s native cryptocurrency, BNB. On June 6, BNB tokens reached an all-time high of $717.48 before correcting to $579 on June 18, and are currently stabilizing around $605. Despite the price volatility, BNB’s performance in early June outpaced the broader crypto market, with BNB gaining 19% compared to the market’s 4.2% increase. However, traders remain cautious about the sustainability of this rally, seeking indicators to support continued momentum.

This strategic activation of the Haber hard fork and the introduction of BEP-336 mark significant advancements for BNB Chain, enhancing both its technical capabilities and market performance.

Image by Graphue on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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