With faster and less expensive transactions, greater scalability, and enhanced anonymity and security, layer-2 scaling options have completely changed the industry.
A request to implement a reduced transaction fee cost on Binance Smart Chain has been filed in an effort to make the blockchain network more competitive against rival networks.
Binance Smart Chain Proposal
In order to guarantee effective block usage and draw in new users, the plan, filed on March 28th, emphasized the need for a more adaptive transaction cost allocation on the BSC network with a more adaptable transaction charge structure. It went on to say that such a strategy would strengthen BSC’s standing in the market and support the BNB economy, particularly with regard to the multichain strategy outlined in its plan.
The plan claims that BSC’s high gas prices have restricted network activity and that if the gas price is not reined in, the current 15-20% usage rate could worsen.
“BSC transaction costs are currently set at a relatively high fixed rate of 5 gwei, which may not be as appealing to users as the more affordable fees provided by L2 solutions outside of the BSC ecosystem. This will ensure the existing and future BNB Chain L2 solutions remain competitive and keep attractive users in the ecosystem.”
The idea is to give users the option to choose fees below the going rate of 5 gwei, with choices to go as low as 3 or 4 gwei, based on their budgetary requirements. According to the user, “this strategy would make BSC L1 more attractive than other ecosystems’ L2 solutions and provide a competitive advantage for potential BSC L2 solutions (BSC L2 should have a target of 0.005$/tx).”
BSC Hacks
According to a newly released roadmap, BSC’s new layer 2 infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure, will be the emphasis of the year 2023 along with their EVM compatibility and mainnet launches. A further goal of the blockchain is to boost flow from the current 140 million gas limit and 2,200 TPS to 300 million gas limit and 5,000 TPS.
The number of everyday transactions on BSC has grown from 2.46 million at the start of the year to 3.89 million as of March 29th, an increase of almost 60%. Despite the apparent increase, there were major interruptions to BSC in 2022.
Network activities were momentarily suspended after a $600 million breach in October. Throughout the year, hackers targeted a number of the network’s decentralized financial systems. These included Meerkat Finance, Spartan Protocol, and Uranium Finance, among others.