BNB price holds above $648, Maxwell hard fork upgrade doubles block production speed,

The BNB chain’s major upgrade, the Maxwell hard fork, is expected on June 30th, which will reduce the block production speed from 1.5 seconds to 0.75 seconds per block, doubling the network’s transaction capacity,

The upgrade aims to improve the performance of the BNB Smart Chain (BSC) and make it competitive with faster blockchain networks like Solana,

The Maxwell upgrade is based on three protocol improvement proposals (BEP-524, BEP-563, BEP-564), which aim to improve the way validators work and the network’s consensus process,

Validators will now propose blocks for a period of 16 blocks and increase the epoch length from 500 blocks to 1000 blocks, which will stabilize the performance,

In addition, the gas limit per block will be reduced from 70 million to 35 million to avoid overloading the network and the speed of block propagation will be within 400 milliseconds,

This upgrade is designed to give BNB Chain a better position in the DeFi, GameFi and enterprise blockchain sectors, which will improve block finality and facilitate the participation of validators,

The market is gaining interest in this upgrade and the price of BNB is stable around $648 while consolidation continues below the $651 resistance level,

According to technical analysis, the price of BNB saw a slight increase between June 28 and June 29 and the increase in volume showed the interest of buyers,

However, the price did not cross the $651 resistance and closed at $648.37 at the end of the day

The Maxwell hard fork upgrade is a significant step in taking the performance of BNB Chain to new heights, which will provide a better experience for both users and developers and will promote its use and development in the future $BNB #Write2Earn #BNB_Market_Update #BinanceSquareFamily