On June 30, 2024, BNB Chain officially implemented the Maxwell network upgrade, marking a significant step in improving transaction speed and network performance. Aiming to shorten block creation time from 1.5 seconds to 0.8 seconds, enhancing user experience for DeFi and GameFi applications, this upgrade is expected to optimize responsiveness and the connection between validators on the BNB Chain. At the same time, Maxwell also enhances the consensus process, effectively minimizing synchronization latency and missed votes. Along with this remarkable development, BNB Chain has set a new record for daily DEX trading volume, leading the market with a figure exceeding 165 billion USD in just 30 days, showcasing the ecosystem's strong position in the cryptocurrency field.
Details of the Maxwell network upgrade on BNB Chain
The Maxwell upgrade on BNB Chain includes three important proposals BEP-524, BEP-563, and BEP-564, focusing on improving transaction speed, performance, and network scalability. BEP-524 reduces the time between blocks, enabling nearly instant transaction confirmations, while supporting a smooth experience for DeFi and GameFi applications. BEP-563 enhances the consensus process among validators by improving the peer-to-peer information transmission method, thereby limiting instances of lost votes or data synchronization delays. BEP-564 adds two new message types, facilitating faster and more efficient data synchronization between validator nodes.
The impact of BEP-524 on transactions on BNB Chain
BEP-524 is a key factor in shortening block creation time from 1.5 seconds to 0.8 seconds. This means that transactions are processed nearly twice as fast, improving user experience and reducing latency when performing activities on the platform. Especially, with DeFi and GameFi applications that require fast and continuous transaction processing, the BEP-524 upgrade creates a breakthrough in performance, enhancing competitiveness and attracting more users.
Improving the consensus process with BEP-563
BEP-563 focuses on enhancing the consensus process among validators by optimizing the peer-to-peer messaging system. This improvement not only increases the speed of data transmission and reception but also reduces the risk of lost votes or synchronization delays, helping the network operate more stably and securely. This is an important foundation for maintaining trust and consistency in the operation of BNB Chain.
Optimizing data synchronization via BEP-564
BEP-564 introduces two new message types: GetBlocksByRangeMsg and RangeBlocksMsg, supporting faster and more accurate data synchronization between validators. This helps overcome previous limitations in the synchronization process, while enhancing the scalability of the network, facilitating the sustainable development of the BNB Chain ecosystem in the future.
The effectiveness of upgrades in the context of BNB Chain's growth
The Maxwell upgrade comes at a time when the BNB Chain maintains its leading position in daily DEX trading volume. Statistics from DeFiLlama show that in the past June, DEX trading volume on BNB Chain reached over 165 billion USD, surpassing both Ethereum and Solana combined. This is the highest ever recorded on the platform, demonstrating strong trust from the user community as well as project developers.
The driving force behind DEX development on BNB Chain
The increase in DEX trading volume not only reflects the popularity of decentralized exchanges on the BNB Chain but also demonstrates the effectiveness of technical improvements such as the Maxwell network upgrade. Fast processing speeds and low transaction costs facilitate the attraction of a large number of users to participate in trading and DeFi activities, thereby boosting liquidity and the sustainable development of the ecosystem.
The potential for expansion and application of BNB Chain following the upgrade
With faster transaction processing capabilities and a more stable consensus process, BNB Chain is opening up many diverse application opportunities in the cryptocurrency field. DeFi, GameFi, and NFT projects on the platform can leverage the enhanced stability and speed to develop innovative products, attract investment and new users. This contributes to strengthening BNB Chain's position as one of the leading blockchains in the world.
Source: https://tintucbitcoin.com/maxwell-bnb-chain-day-dex-tang-manh/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
