Crypto: BNB Chain reduces fees by 90% with Hard Fork Haber

The crypto universe continues to reinvent itself, and BNB Chain has just hit hard. The network recently activated the Haber hard fork, bringing a significant reduction in transaction fees. Let's discover together the details of this major development and its implications for the crypto universe.

A technological turning point: the Haber Hard Fork

On June 20, BNB Chain announced the activation of the Haber hard fork, a breakthrough that promises to disrupt existing practices.

This update includes BNB Evolution Proposal (BEP)-336, inspired by Ethereum Improvement Proposal (EIP)-4844.

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This proposal introduces an innovative concept: transactions carrying blobs. These temporary memory segments make it possible to capture large volumes of data. This optimizes the storage and processing of information on the blockchain.

With this new configuration, individual verification of crypto transactions within a block becomes superfluous.

Now consolidated into the attached blob, transactions benefit from a streamlined verification process, leading to lower costs. An impressive 90% reduction in network fees, announced recently, represents a real boon for BNB Smart Chain (BSC) users.

Cost reduction and new perspectives

The implementation of BEP-336 offers tangible benefits. Layer 2 costs on the BNB Smart Chain will be drastically reduced, reaching around $0.0001.

This change comes with a notable improvement to the optimistic layer 2 solution, opBNB, which will benefit from this drop in fees.

Although similar to Ethereum's EIP-4844, BEP-336 is specifically designed for BSC. The blobs are managed there only by the BSC client. In addition, the pricing mechanism adapts to the specifics of this blockchain. Unlike Ethereum, BSC does not burn base fees in blobs, thus preserving more value for users.

This update will also impact BNB Greenfield, a decentralized storage solution. With “BlobHub,” a new data archive layer, Greenfield will improve data storage for decentralized applications (DApps) and Layer 2 networks. A development that opens new opportunities for developers and users looking to exploit the power of crypto.

An impact on the market and price of BNB crypto

The activation of the Haber hard fork coincides with a period of volatility for BNB Chain's native crypto, BNB.

On June 6, BNB tokens reached an all-time high of $717.48. However, the price quickly corrected, falling to $579 on June 18. Currently, BNB crypto hovers around $605, reflecting the fluctuating dynamics of the market.

The initial rise in the price of the BNB crypto, which outperformed the general market performance, raised questions among traders.

Many people wonder if this upward trend can continue. Nevertheless, the 90% fee reduction and technological innovations brought by the Haber hard fork could provide strong support to this crypto, strengthening its position in the market.

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