BNB Chain Activates the Haber Hard Fork, Promising a 90% Reduction in Transaction Fees

The crypto universe is constantly reinventing itself, and BNB Chain has made a significant move. The network recently activated the Haber hard fork, bringing a substantial reduction in transaction fees. Let’s explore the details of this major development and its implications for the crypto world.

A Major Development: BNB Chain Activates Haber Hard Fork, Slashing Transaction Fees by 90%

In a significant move, BNB Chain has announced the activation of the Haber hard fork, promising a substantial reduction in transaction fees.

This update integrates BEP-336, a proposal inspired by Ethereum's EIP-4844, introducing a new concept to capture large volumes of data.

With this configuration, individual verification of transactions within a block is no longer required, as they are grouped in the attached blob and subjected to a streamlined verification process, leading to lower costs.

Recently, a 90% reduction in network fees was announced, presenting a major boon for BNB Smart Chain (BSC) users.

This implementation of BEP-336 offers tangible benefits, with Layer 2 costs on BNB Smart Chain set to be drastically reduced, reaching around $0.0001.

This change will also positively impact the optimistic Layer 2 solution, opBNB, which will benefit from this fee reduction.

While BEP-336 shares similarities with Ethereum's EIP-4844, it is specifically designed for BSC, with blobs managed solely by the BSC client.

Moreover, the pricing mechanism adapts to the specifics of this blockchain. Unlike Ethereum, BSC does not burn the base fees in the blobs, preserving more value for users.

This update will also impact BNB Greenfield, a decentralized storage solution, with a new data archive layer called "BlobHub."

Greenfield will enhance data storage for decentralized applications (DApps) and Layer 2 networks, presenting new opportunities for developers and users in the crypto space.

The Haber hard fork activation comes during a volatile period for BNB Chain's native crypto, BNB.

On June 6, BNB tokens reached an all-time high of $717.48, but the price quickly corrected, dropping to $579 on June 18. Currently, BNB crypto oscillates around $605, reflecting the market's fluctuating dynamics.

The initial surge in BNB's price, outperforming the broader market, sparked discussions among traders, with many speculating on whether this bullish trend can be sustained.

However, the 90% fee reduction and technological innovations brought by the Haber hard fork could provide strong support for this crypto, reinforcing its market position.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bnb-chain-activates-haber-hard-fork-promising-reduction-transaction-fees.html

The above is the detailed content of BNB Chain Activates the Haber Hard Fork, Promising a 90% Reduction in Transaction Fees. For more information, please follow other related articles on the PHP Chinese website!