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New Binance Chain Proposal Aims to Lower Transaction Fees: Report

• A proposal has been submitted to reduce the transaction fees on Binance Smart Chain (BSC).
• The proposal seeks to make BSC more attractive than layer 2s by providing a more adaptive transaction cost distribution.
• This will help sustain the BNB economy while enhancing BSC’s position in the market.

Proposal for Lower Transaction Fees on BSC

A proposal has been submitted that aims to adopt a lower transaction fee cost on Binance Smart Chain (BSC). The proposal, submitted on March 28th, highlighted the need for a more adaptive transaction cost distribution on the BSC network with a more flexible transaction fee structure in a bid to ensure efficient block utilization and attract new users.

Benefits of Lower Fees

The proposition for the BSC validators stated that such an approach would help sustain the BNB economy while enhancing BSC’s position in the market, especially in the multichain strategy laid down in its roadmap. It further claimed that high gas fees have impeded network activity and could aggravate if left unchecked. By introducing lower fees, it would encourage users to stay within the ecosystem and remain competitive against other blockchain networks.

Rivals of Layer 2 Scaling Solutions

Layer 2 scaling solutions have revolutionized space with faster and cheaper transactions, as well as increased scalability and improved privacy and security. However, with higher gas costs now being proposed for transactions on BSC, this could create an environment where users are drawn away from using Layer 2 solutions outside of the ecosystem.

Competitiveness Against Rival Networks

In order to increase its competitiveness against rival blockchain networks, it is important that BSC remains attractive by offering lower transaction fees than those offered by other networks. This will ensure that existing and future L2 solutions remain competitive and keep existing users within their own ecosystem instead of moving away due to higher costs associated with transactions outside of it.

Conclusion

The proposed change is expected to make transactions faster and cheaper for both users and developers alike on the Binance Smart Chain network while also sustaining its position as one of the top cryptocurrency networks in terms of usability and security features.