BNB Chain recently implemented its Haber hard fork, which introduces the BNB Evolution Proposal (BEP)-336 aimed at optimizing data storage and processing on the network. The hard fork, activated on June 20, claims to reduce blockchain fees by 90%. BEP-336 draws inspiration from Ethereum’s Improvement Proposal (EIP)-4844 and enables blob-carrying transactions, streamlining the verification process.
By implementing BEP-336, BNB Chain expects to slash layer-2 costs on the BNB Smart Chain (BSC) by 90%. The network anticipates that its optimistic rollup layer-2 solution, opBNB, will see a significant reduction in network fees, bringing them down to approximately $0.0001.
With the new update, transactions will no longer require individual verification within a block but will be verified within the attached blob. A blob is a temporary memory segment that captures large data chunks. Although similar to Ethereum’s EIP-4844, BNB Chain emphasizes that BEP-336 is specifically tailored for BSC. Blobs on BSC are solely managed by the BSC client, and the pricing mechanism is designed to suit BSC’s requirements. Unlike Ethereum’s burning mechanism, BSC does not burn the base fee within blobs.
The implementation of the hard fork is also expected to have an impact on BNB Greenfield, a decentralized storage solution. BNB Chain plans to enhance Greenfield’s decentralized storage and data management capabilities with the introduction of “BlobHub,” a data archive layer. This optimization of data storage aims to benefit decentralized applications (DApps) and layer-2 networks.
In other news, the BNB price recently reached a new all-time high. On June 6, BNB tokens surpassed $717.48, but experienced a correction on June 18, dropping to $579. Currently, BNB is trading at around $605. The price gain of BNB in the first week of June outperformed the overall crypto market, which only saw a 4.2% increase compared to BNB’s 19% gain. Despite this impressive performance, traders remain cautious and seek indicators that support the sustainability of the rally.
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