BNB Chain performs a hard fork, reducing fees

BNB Chain has activated a Haber hard fork that introduces BNB Evolution Proposal (BEP)-336 to facilitate data storage and processing on the network.

On June 20, the blockchain network announced a successful hard fork, which saw a 90% reduction in blockchain fees. BEP 336, inspired by Ethereum Improvement Proposal (EIP)-4844, enables blob-bearing transactions, a concept that streamlines the authentication process.

Reducing the cost of layer-2 by 90%

According to BNB Chain, by implementing BEP-336, layer-2 costs on BNB Smart Chain (BSC) will be reduced by 90%. The network says that its optimistic encapsulation layer-2 solution, opBNB, will reduce its network fees to around $0.0001.

With the new update, transactions don't need to be confirmed individually within a block, but instead must be confirmed within an attached blob – a temporary section of memory that holds large chunks of data.

While the update looks similar to Ethereum EIP-4844, BNB Chain says BEP-336 is dedicated to BSC. Blobs BSC are only managed by the BSC customer. In addition, the pricing mechanism is also designed to coincide with the BSC. Unlike the Ethereum burning method, BSC does not burn base payment in blobs.

The new update is also expected to affect BNB's Greenfield decentralized storage solution. According to BNB Chain, Greenfield decentralized storage and data management will be enhanced by “BlobHub”, a data repository that facilitates data storage for decentralized applications (DApps) and Layer-2 networks.

Related: BNB Chain Exploited With $80K Fake BTC Tokens

BNB price has reached a new all-time high

The new hard fork comes amid a new price milestone for the network's native cryptocurrency BNB (BNB). On June 6, BNB tokens breached an all-time high of $717.48. The price underwent a correction on June 18, dropping to $579. Currently, BNB hovers at $605.

During the first week of June, BNB's price increase exceeded the performance of the crypto market during the same time frame. BNB accumulated a gain of 19%, while the market had only a 4.2% increase. Despite this, traders questioned the sustainability of the rally.

Magazine: Crypto-Second: $11M Bittensor phish, UwU Lend and Curve fake news, $22M Lykke Hack