BNB Chain has implemented the Haber hard fork, incorporating BNB Evolution Proposal (BEP)-336 to enhance data storage and processing on the network.
On June 20, the blockchain network announced the successful activation of the hard fork, which is expected to reduce blockchain fees by 90%. Inspired by Ethereum’s EIP-4844, BEP-336 introduces blob-carrying transactions, a concept that simplifies the verification process.
Significant Cost Reductions for Layer-2
According to BNB Chain, the implementation of BEP-336 will cut layer-2 costs on the BNB Smart Chain (BSC) by 90%. The network’s optimistic rollup layer-2 solution, opBNB, will see its fees drop to approximately $0.0001 per transaction.
With this update, transactions no longer need individual verification within a block but are verified within an attached blob—a temporary memory segment that captures large data chunks. Although similar to Ethereum’s EIP-4844, BEP-336 is tailored specifically for BSC. The blobs on BSC are managed solely by the BSC client, and the pricing mechanism differs as well; unlike Ethereum’s burning mechanism, BSC doesn’t burn the base fee within blobs.
Impact on Decentralized Storage Solutions
The update is also expected to enhance BNB Greenfield, BNB Chain’s decentralized storage solution. According to BNB Chain, Greenfield will benefit from “BlobHub,” a data archive layer that optimizes data storage for decentralized applications (DApps) and layer-2 networks.
BNB Price Milestone
The hard fork coincides with a new price milestone for BNB Chain’s native cryptocurrency, BNB. On June 6, BNB tokens reached an all-time high of $717.48 before experiencing a correction on June 18, dropping to $579. Currently, BNB is priced at around $605.
BNB’s price increase in the first week of June significantly outperformed the overall crypto market. BNB achieved a 19% gain, compared to the market’s 4.2% increase. Despite this surge, traders are cautious about the rally’s sustainability, seeking indicators to support the continued momentum.
Summary Review: BNB Chain’s Haber hard fork and BEP-336 implementation mark significant advancements in reducing transaction fees and optimizing data storage, contributing to the network’s growth and performance.
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