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| Foto:CZ Founder BNB |
VISTORBELITUNG.COM, Exciting news has emerged from the world of cryptocurrency. Changpeng Zhao (CZ), the founder of crypto exchange giant Binance, recently made a surprising statement that has the potential to reshape the global blockchain competitive landscape.
Through his social media account, CZ claimed that the gas fees, or transaction costs, on the BNB Chain network have been successfully cut by up to 2000% this year. This fantastic figure signals BNB Chain's serious commitment to becoming the most affordable platform for users and developers.
The 2000% reduction announced by CZ is equivalent to a 20-fold decrease in the previously applicable transaction costs on the BNB Chain network (which includes the BNB Smart Chain/BSC).
Gas fees are a crucial element in the blockchain ecosystem. This fee is the amount users must pay to validators or miners so their transactions can be processed and verified on the network. High fees often become a major obstacle, especially for users making small transactions or frequently using decentralized applications (DApps).
CZ emphasized that this drastic move is part of the BNB Chain's strategy to boost mass adoption. With significantly lower fees, the barrier to entry for new users and project developers is minimized.
"BNB Chain gas fees have been reduced by 2000% this year. Let’s continue to focus on use cases and adoption," CZ stated.
BNB Chain's Strategic Move
This fee reduction was realized through a series of updates and proposals approved by the network validators. Previously, BNB Chain had gradually cut fees multiple times, making it one of the Layer-1 (L1) blockchains with the lowest costs in the crypto industry.
This decision is believed to be driven by several factors:
Enhancing Competitiveness: BNB Chain is aggressively trying to maintain its edge amidst fierce competition from other low-cost blockchains like Solana and Base. Near-zero fees are a powerful magnet to attract developers and Decentralized Finance (DeFi) projects.
Supporting DApp Adoption: Extremely low gas fees allow developers to create more complex and interactive DApps without burdening users with expensive charges, especially in the Web3 gaming and trading sectors.
Maintaining Transaction Volume: BNB Chain is known as one of the networks with the highest daily transaction volume. By slashing fees, they hope to maintain and even surpass that record volume.
BNB Price Showing Positive Movement
The statement from the Binance founder, coinciding with technical updates on the network, has been positively received by the crypto community. BNB, the native token of the BNB Chain ecosystem, often shows price strengthening after positive news related to network efficiency.
Analysts believe that if BNB Chain manages to maintain ultra-low costs while preserving speed and security, its position as "the chain for the masses" will be further solidified.
The 2000% fee reduction sends a firm message: BNB Chain is serious about becoming the most affordable blockchain in the crypto world.
Will this aggressive move be enough to attract millions of new users and overcome the dominance of other competitors? Only time will tell.