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BNB Chain Launches Upgrade to Slash Blockchain Fees by 90%
- BNB Chain successfully completed its Haber hard fork yesterday, which implements BEP-336 based on Ethereum’s recent EIP-4844 and introduces ‘blob’ data structures to the network.
- According to BNB Chain, BEP-336 will see gas fees fall by up to 90%, due mainly to efficiency gains to data storage and verification resulting from the use of blobs.
- BNB Chain says gas fees on BNB Smart Chain will now be as low as US$0.0001.
BNB Chain successfully completed its Haber hard fork yesterday, implementing the BEP-336 update which promises to improve the blockchain’s efficiency and reduce fees by up to 90%.
BEP-336 is based on Ethereum’s recent EIP-4844, which introduced data structures known as ‘blobs’ and the concept of ‘proto-danksharding’. Similarly, this latest BNB Chain update also introduces ‘blobs’ and aims to optimise data storage and streamline data verification.
Related: BNB Hits New All-Time High Following Recent Rally
Details Of BNB’s Haber Hard Fork
According to BNB Chain, the Haber hard fork will see transaction fees on its side-chain, BNB Smart Chain (BSC), fall by up to 90%. This fee reduction is driven largely by the introduction of ‘Blob-carrying transactions’ (BlobTx), which BNB Chain says reduces the need to permanently store data and significantly improves the efficiency of data verification on the network:
“A blob is a temporary and cost-effective memory segment capable of capturing large data chunks, each up to 128 KB. Instead of verifying each transaction within a block individually, the network only needs to verify the data within the attached blob.”
The update introduces three new key components to facilitate the use of the blob data structure:
- Blob Market, which regulates the data storage and transmission price for blobs depending on network usage;
- Precompile Contract, a smart contract that verifies the data in a blob matches the reference contained in the BlobTx; and
- Blob Propagation and Gas Price Mechanism, a dynamic gas price mechanism for blobs — BSC will not burn the base fees associated with blobs, unlike Ethereum.
The update also introduces what BNB Chain calls BlobHub, a data-archive layer for BNB’s Greenfield decentralised storage solution. BNB Chain says BlobHub “optimizes large-scale data storage for Layer 2 blockchains and decentralized applications.”
What Does This Update Mean For Users?
The main benefit users will see from the Haber hard fork is the reduced gas fees. BNB Chain claims that transactions on its side-chain BSC will now be as low as US$0.0001.
Related: Ethereum’s Latest Dencun Upgrade Raises Inflation Fears, Threatens Benefits of Previous Merge
BNB Chain also claims this update will enhance the user experience and enhance accessibility on the blockchain, saying:
“With lower costs and improved efficiency, BEP 336 makes the BSC ecosystem more accessible to a broader audience, from seasoned developers to blockchain novices. This upgrade also promises to benefit opBNB and other Layer 2 (L2) solutions on BSC.”
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
