BNB Chain Successfully Activates Hard Fork, Streamlines Verification Process with 90% Cost Reduction
Summary:
The BNB Chain has successfully activated its Haber hard fork, introducing the BNB Evolution Proposal (BEP)-336 that optimizes data storage and processing costs on the network. The BEP-336 could reduce layer-2 costs on the BNB Smart Chain by 90%, facilitating blob-carrying transactions. The update is expected to benefit BNB Greenfield's decentralized storage solution. This progress coincided with a new price landmark of the BNB token which reached an all-time high of $717.48 in early June.
The Haber hard fork has been successfully initiated on the BNB Chain, leading to the introduction of the BNB Evolution Proposal (BEP)-336, a data storage and processing optimization tool. The inauguration of this hard fork, which occurred on June 20, led to a reported 90% reduction in blockchain expenses. BEP 336 integrates blob-carrying transactions, influenced by Ethereum Improvement Proposal (EIP)-4844, to simplify the certification procedure.
BNB Chain stated that launching BEP-336 would lead to a 90% cost cut in layer-2 operations on the BNB Smart Chain (BSC). The optimistic rollup layer-2 solution of the network, opBNB, is predicted to see network fees drop to approximately $0.0001. The recent update eliminates the need for individual verification of transactions within a block, instead, verification will occur within the related blob, which is a temporary segment of memory that captures large data portions.
Although the update is similar to Ethereum's EIP-4844, BNB Chain argues that BEP-336 is specifically curated for the BSC, and only managed by the BSC client. Additionally, the pricing plan also aligns with the specifications of BSC. Instead of Ethereum’s approach, BSC doesn’t incinerate the base fee within blobs.
The update is also set to influence BNB Greenfield, a 'decentralized storage solution'. Greenfield's decentralized storage and data management would be improved by "BlobHub," a data archiving layer, according to BNB Chain. This advancement would enhance data storage for decentralized applications (DApps) and layer-2 networks.
The commencement of this new hard fork coincides with a fresh price landmark for the BNB Chain's native cryptocurrency BNB. BNB tokens eclipsed their previous all-time high on June 6, reaching $717.48. However, the value dropped to $579 on June 18. At the moment, BNB currently sits at a price of $605.
Throughout the first week of June, BNB experienced a 19% price increase, outperforming the 4.2% increase seen by the overall market. This has led to analysts questioning the durability of this increase in value, while they continue to search for indicators to reinforce this momentum.
Published At
6/20/2024 3:03:02 PM
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