BNB Chain has recently activated its Haber hard fork, ushering in the BNB Evolution Proposal (BEP)-336 aimed at enhancing data storage and processing efficiency on the network. The hard fork, which was successfully implemented on June 20, is said to have reduced blockchain fees by a significant 90%. Drawing inspiration from Ethereum’s Improvement Proposal (EIP)-4844, BEP-336 introduces blob-carrying transactions to streamline the verification process.
By incorporating BEP-336, BNB Chain expects to slash layer-2 costs on the BNB Smart Chain (BSC) by a whopping 90%. The network anticipates that its optimistic rollup layer-2 solution, opBNB, will see network fees plummet to approximately $0.0001. Transactions will now be verified within attached blobs, temporary memory segments designed to capture large data chunks, eliminating the need for individual verification within a block.
While BEP-336 bears resemblance to Ethereum’s EIP-4844, BNB Chain emphasizes that the proposal is customized for BSC. Blobs on BSC are managed exclusively by the BSC client, with a pricing mechanism tailored to suit the network’s needs. Unlike Ethereum’s burning mechanism, BSC does not burn the base fee within blobs.
The update is projected to have a positive impact on BNB Greenfield, a decentralized storage solution. Greenfield’s decentralized storage and data management capabilities are set to be enhanced with the introduction of “BlobHub,” a data archive layer that optimizes data storage for decentralized applications (DApps) and layer-2 networks.
In other news, BNB tokens achieved a new all-time high of $717.48 on June 6 before experiencing a correction to $579 on June 18. Currently trading at around $605, BNB’s price gain in the first week of June outperformed the overall crypto market, with a 19% increase compared to the market’s 4.2% rise. Despite the impressive rally, traders remain cautious about the sustainability of BNB’s momentum and are on the lookout for supporting indicators.
Additionally, in the crypto space, various developments have been reported, including an $11M Bittensor phishing incident, fake news surrounding UwU Lend and Curve, and a $22M hack on Lykke.