• A BNB Smart Chain (BSC) user has proposed lowering the network’s transaction fees to increase its competitiveness against rival blockchain networks.
• BSC’s high gas fees have led to a decline in network activity, pushing its utilization to around 15-20%.
• Despite this, BSC remains one of the most used blockchain networks in the industry with over 1.5 million active users and $5.04 billion locked in assets.
BNB Smart Chain (BSC) Proposes Lower Transaction Fees
A BNB Smart Chain (BSC) user has proposed lowering the network’s transaction fees to increase its competitiveness against rival blockchain networks.
High Gas Fees Lead To Network Decline
BSC’s high gas fees have led to a decline in network activity — pushing its utilization to around 15-20%. This is due to layer-2 solutions such as Arbitrum (ARB), which offer more affordable fees than BSC.
Proposal For Reduced Fees
The proposal suggests validators reduce their fees to as low as 3 or 4 gwei. This would make it more attractive than other ecosystems‘ L2 solutions and provide a competitive advantage for potential BSC L2 solutions.
BSC Remains Popular Among Users
Despite this, BSC remains one of the most used blockchain networks in the industry with over 1.5 million active users and $5.04 billion locked in assets. It is also capable of processing 2,200 transactions per second (TPS).