Changpeng Zhao (CZ) proposed a significant change regarding gas fees for transactions on the Binance Smart Chain (BSC), sparking interest in the community.
Users conducting transactions on the Binance Smart Chain pay BSC gas fees, and now CZ is calling for a significant reduction in the current rate.
Will Binance Smart Chain reduce transaction fees on BSC?
Any user who has ever conducted transactions on the Binance Smart Chain has undoubtedly paid BSC gas fees. This applies to transaction fees necessary to process transactions on the BSC network.
Gas fees are paid in BNB, the token that powers the Binance ecosystem, and the native cryptocurrency of the Binance Smart Chain.
Data on BscScan, block explorers tracking transactions on the BNB Smart Chain, shows gas fees at 1 Gwei at the time of writing. Meanwhile, data on Bitbond shows gas fees at 1.3 Gwei or $0.017 for a transaction speed of 15 seconds.
Users seeking normal speeds of up to one minute pay 1.1 Gwei or $0.014 in gas fees. Slow transactions up to three minutes require gas fees of 1.0 Gwei or $0.013. However, there have been instances when BSC gas fees surged, quickly accumulating for arbitrage traders.
It is important to note that the number of gas fees required for a transaction depends on the complexity, size, and congestion of the network at the time of the transaction.
Binance founder and former CEO Changpeng Zhao wants to review the rate, sharing a proposal in a post on X (Twitter).
"Shall we reduce BSC gas fees? by 3 times, 10 times?" suggested CZ.
User reaction to Binance: Will a reduction in transaction fees boost activity on BSC?
It is important to note that BSC gas fees are generally lower than those on the Ethereum network. This makes BSC popular for decentralized applications (dApps) and transactions.
"Hello, CZ, thank you very much, but since I use BSC most of the time, I rarely feel like I am paying any fees, it is so insignificant, sometimes free," noted one user.
While CZ considers the possibility of lowering BSC gas fees, he is aware of the challenges posed by low fees. Against this backdrop, he dismissed suggestions for zero gas fees.
CZ highlights the role of validators and developers who maintain the integrity and security of the network by processing transactions, preventing double spending, and ensuring trustless operations.
"A lot of spam, and we also need to consider validators and developers," noted CZ.
The absence of gas fees would overload the network due to the lack of deterrent costs, which is a common issue in blockchain systems.
For some, however, the adjustment would be a turning point, beneficial for decentralized finance (DeFi) and gaming, among other sectors. Others advocate for continued burning of BNB for the growth of the ecosystem.
"Burning BNB from fees is good for BNB growth. No need to reduce," wrote a user.
At the same time, it is worth noting that reducing gas fees on BSC could attract significant volume and activity. Recently, Tron founder Justin Sun advocated for lower costs, hoping to attract more traffic to the Tron blockchain.
"In my opinion, reducing fees and increasing the energy limit will not harm TRON's profitability. Lowering fees should increase transaction numbers to over 20 million daily within three months, expanding market share and increasing profits. More energy will also encourage TRX staking for free transfers," noted Sun.
He also led the adjustment of the energy limit and reduced SunPump fees by 50%, lowering transaction costs to encourage greater user adoption.
Among these efforts, TRON's revenue has risen to record levels, placing it first among all blockchains at that time.#CZ #BinanceSmartChain #BinanceSquare #Write2Earn #Tron $TRX