An exciting wave is spreading within the cryptocurrency community after Changpeng Zhao (CZ) – former CEO of Binance – posted a simple yet promising suggestion on social media X: Should gas fees on BNB Chain be reduced? His proposal presents two specific options: a reduction of 3 times or even 10 times compared to the current fees. With a wide-reaching influence in the blockchain world, CZ's proposal is not just a spontaneous idea but could signal a significant change being considered to increase accessibility and reduce the cost of using this blockchain.

What is Gas Fee on BNB Chain and Why is it Important?

Gas fee is the cost that users must pay to perform transactions or interact with applications on the blockchain. This is a reward for validators, who use computing resources to process and verify transactions, thereby maintaining the security and decentralization of the network.

On BNB Chain (formerly Binance Smart Chain - BSC), gas fees are paid in BNB, the native coin of the ecosystem. This network became popular due to its significantly lower costs compared to Ethereum, especially during times when Ethereum was congested.

Gas fees play an important role in:

  • Encouraging validators to operate honestly and actively.

  • Preventing spam attacks, as each transaction incurs a cost.

  • Reasonable allocation of network resources, ensuring that more valuable transactions are prioritized

Bold Proposal from CZ Binance

CZ asked users on platform X:

"Should gas fees on BSC be reduced? By 3 times or 10 times?"

Such a clear and direct proposal from a leading figure in the industry certainly attracts significant attention. If reduced by 3 times, gas fees would only be 1/3 of the current level; reducing by 10 times would bring costs down to 1/10, an impressive figure.

Positive Impact if Gas Fees are Reduced

If CZ's proposal is implemented, it could bring numerous benefits to the BNB Chain ecosystem:

  1. Increasing user-friendliness: Individual users, especially in low-income countries, will find that transacting and using dApps is much cheaper.

  2. Promoting the use of dApps: Low costs encourage users to explore various DeFi, NFT, and GameFi applications without worrying about "wallet burning".

  3. Competing with other blockchains: As cost is a crucial factor in network selection, reducing fees will make BNB Chain more attractive to both users and developers.

  4. Facilitating more complex interactions: Some dApps require multiple on-chain transaction steps. Reducing fees will make these actions more feasible in terms of cost.

Comparing Gas Fees on Major Blockchains

Below is a simple comparison table between BNB Chain and other popular blockchains (fees vary over time and network conditions):

If reduced by 10 times, BNB Chain would rank among the world's cheapest networks, directly competing with Solana and Polygon.

Challenges When Reducing Transaction Fees on Blockchain

Despite the many benefits, significantly reducing gas fees also comes with certain risks and challenges, including:

  • Impact on validator rewards: If income from gas fees decreases significantly, some validators may withdraw, affecting network security.

  • Increased risk of transaction spam: Extremely low fees make it easy to send thousands of spam transactions, potentially causing network congestion or slowdown.

  • Impact on economic models: Each blockchain has its own economic design. Changes in gas fees need to be carefully evaluated to avoid disrupting the system's balance.

  • Concerns about centralization: If only large validators can survive at low fees, the risk of power concentration will increase, contradicting the spirit of decentralization.

Conclusion: The Decisive Moment for BNB Chain

CZ's proposal to reduce gas fees could become a catalyst for a new wave of innovation and expansion on BNB Chain. However, the final decision will depend on community governance mechanisms, including validators and BNB token holders. The balance between low costs for users and network sustainability cannot be overlooked. If done correctly, BNB Chain could enter a phase of exponential development, becoming one of the most popular blockchain networks globally due to its accessibility and ultra-low costs.