Recently, the BNB Chain (commonly known as BSC or Binance Smart Chain), which uses Binance BNB as its native token, has seen a surge in trading volume of related tokens due to a series of TGE activities from Binance Wallet, along with users increasing their trading volume to earn Alpha Points.
Just today (7th) around 3 PM, Binance founder Zhao Changpeng (CZ) posted on X, proposing to reduce BSC's Gas fees by 3 to 10 times, which has sparked widespread discussion in the cryptocurrency community. He directly asked, 'Shall we reduce BSC Gas fees? By 3 times, 10 times?'
Note: Although BSC's Gas fees are significantly lower than Ethereum's, they are still higher than some emerging Layer 2 chains.
The impacts and challenges of low Gas fees
Lowering Gas fees on BSC could provide incentives for the ecosystem; low fees will attract more users and developers, especially in the meme coin and GameFi sectors. The BNB Chain officials expressed their anticipation to see solutions, while ThenaFi directly called out to 'just do it'.
However, CZ also mentioned that reducing Gas fees could present challenges. In response to BNBSwap's suggestion of 'free' transactions, he pointed out that 'spam transactions will increase'. On the other hand, it's necessary to consider the interests of validators and builders, as significantly reducing Gas fees without supporting measures could impact network validation security.
BNB stands above $600
As for the price of the coin, CZ's comments currently do not reveal any obvious incentives; BNB today primarily follows the upward trend of Bitcoin, currently reported at $606.3 before the deadline.
