BNB Chain implements hard fork resulting in reduced fees

BNB Chain has implemented its Haber hard fork, which introduces the BNB Evolution Proposal (BEP)-336 aimed at optimizing data storage and processing on the network.
The blockchain network made the announcement on June 20, revealing that the hard fork had been successfully activated, leading to a significant 90% reduction in blockchain fees. BEP-336 draws inspiration from Ethereum’s Improvement Proposal (EIP)-4844 and introduces the concept of blob-carrying transactions to streamline the verification process.
The implementation of BEP-336 is set to reduce layer-2 costs on the BNB Smart Chain (BSC) by 90%, according to BNB Chain. The network expects its optimistic rollup layer-2 solution, opBNB, to see a drastic reduction in network fees, with fees dropping to around $0.0001.
With the new update, transactions will no longer require individual verification within a block but will instead be verified within the attached blob, a temporary memory segment designed to capture large data chunks.
Although the update bears similarities to Ethereum’s EIP-4844, BNB Chain has emphasized that BEP-336 is specifically tailored for BSC. Blobs on BSC are managed solely by the BSC client, and the pricing mechanism is customized to suit BSC’s requirements. Unlike Ethereum’s burning mechanism, BSC does not burn the base fee within blobs.
The new update is expected to have an impact on BNB Greenfield, a decentralized storage solution. BNB Chain has revealed that Greenfield will benefit from enhanced decentralized storage and data management through “BlobHub,” a data archive layer that optimizes data storage for decentralized applications (DApps) and layer-2 networks.
In other news, BNB Chain’s native cryptocurrency, BNB, recently reached a new all-time high of $717.48 on June 6. The price experienced a slight correction on June 18, dropping to $579, and currently hovers around $605.
BNB’s price performance in the first week of June outpaced the broader crypto market, with a 19% gain compared to the market’s 4.2% increase. Despite this, traders have raised concerns about the sustainability of the rally and are seeking indicators to support the momentum.
In the world of crypto, there have been recent incidents such as the $11M Bittensor phishing attack, fake news involving UwU Lend and Curve, and the $22M Lykke hack.