TL;DR
- BNB Chain activated the Haber hard fork with the BEP-336 proposal.
- The update promises to reduce layer 2 rates by 90%.
- Blob transactions are introduced to optimize data storage and processing.
BNB Chain has achieved a significant milestone with the activation of the Haber hard fork, which incorporates the BNB Evolution Proposal (BEP)-336.
This advancement aims to optimize data storage and processing on the network by introducing blob transactions, an innovation inspired by Ethereum Improvement Proposal (EIP)-4844.
🎉 Success! The Haber hard fork is now live! 🚀
Enjoy the new Blob feature (BEP 336) and other enhancements brought by this upgrade. Gas fees on opBNB will be decreased by > 90%. Our testing has shown that a typical native transfer fee on opBNB drops from ~$0.000826 to… pic.twitter.com/eiV3SsjTV2
— BNB Chain (@BNBCHAIN) June 20, 2024
This update promises a notable reduction in blockchain fees, especially in layer 2 solutions, with a 90% decrease in costs.
The hard fork ¡, announced on June 20, has been designed specifically for the BNB Smart Chain (BSC) blockchain.
With the implementation of BEP-336, transactions will now be verified within blobs, temporary memory segments that capture large amounts of data, rather than being verified individually within a block.
This not only streamlines the verification process, but also significantly reduces the associated fees.
One of the areas that will benefit the most from this update is BNB’s layer 2 optimistic rollup solution, known as opBNB.
With the new fees, transaction costs on opBNB are reduced from approximately $0.000826 to just $0.000075, making transactions much more accessible and affordable for users.
This change is a big step towards improving the scalability and efficiency of the BSC network, aligning with the needs of its users and developers of decentralized applications (DApps).
Additionally, the update includes significant improvements to BNB Greenfield, BSC‘s decentralized storage solution.
With the introduction of “BlobHub”, a data archiving layer, data storage for DApps and layer 2 networks is further optimized.
This facilitates more efficient and robust data management, promoting a more sustainable and scalable blockchain ecosystem.
Implications of the BNB CHain credit hard fork
The launch of the Haber hard fork not only marks a technical breakthrough for BNB Chain, but also has significant market implications.
Coinciding with this update, the price of the native BNB token saw a notable increase.
On June 6, BNB reached an all-time high of $717.48, although it later suffered a correction and stabilized around $605 on June 18.
This increase in price outperformed the overall performance of the cryptocurrency market, which only saw a 4.2% increase over the same period, while BNB managed a 19% gain.
The positive market response reflects the confidence of investors and users in the technical and operational improvements introduced by the Haber hard fork.
However, some traders have expressed doubts about the sustainability of this rally, looking for indicators that can sustain this momentum in the long term.
The activation of the Haber hard fork and the implementation of BEP-336 represent a significant advancement for BNB Chain, improving both the efficiency and accessibility of the network.
With reduced transaction fees and improvements to decentralized storage, BNB Chain is well positioned to better serve its community of users and developers, fostering a more efficient and sustainable environment for blockchain applications.
