BNB Chain explores lower transaction fees

A proposal to reduce transaction fees in the BSC consensus protocol BSC has been put forward for consideration by the BNB Chain community.

Did you know? ?

The official BNB Chain forum hosts proposals aimed at improving our network. Right now, we’re discussing a proposal for adopting lower transaction fees to enhance our competitiveness.

Visit the link below and share your thoughts!https://t.co/ry7RyYyq0f

— BNB Chain (@BNBCHAIN) March 29, 2023

The author going by the nickname ArnoB noted that L2 solutions have recently grown in popularity, offering users lower fees than the first-tier BNB Chain.

ArnoB noted that the network’s current fee is set at a relatively high fixed rate of 5 Gwei.

“I propose that the validators of the BSC adopt a more flexible approach to transaction fees, allowing users to choose a rate below the current 5 Gwei, with the possibility of reductions to 3 or 4 Gwei depending on their financial needs,” he wrote.

In his view, this would help the blockchain and L2 protocols built on it stay competitive. ArnoB noted that the approach he proposed would help:

• increase network resilience through an influx of new projects;
• attract new users to the ecosystem, contributing to higher collected fees;
• optimize the use of block space, enabling validators to receive greater rewards.

According to ArnoB, over the past six months the blockchain metrics have stabilised, with load fluctuating in the 15-20% range. As the metric grows, total network fees would increase even at lower rates, he suggested based on several models.

“I firmly believe that adjusting fees to make them more profitable could help BSC maintain its market position and attract those seeking more affordable and efficient blockchain solutions,” the user said.

In March, the developers of the Uniswap decentralized exchange deployed the third version of the protocol on the BNB Chain.