BNB Chain Gets a Speed Boost with BEP-336 Hard Fork, BNB Price Stalls After All-Time High

The BEP-336 hard fork is a significant development for BNB Chain, promising faster and cheaper transactions. While BNB’s price has experienced some volatility after reaching its peak, the future of the BNB ecosystem remains bright.

BNB Chain Implements Hard Fork, Promises 90% Lower Gas Fees

Great news for developers and users of the BNB Chain ecosystem! The successful activation of the BEP-336 hard fork on June 20th brings significant improvements to the network.

Inspired by Ethereum’s EIP-4844, BEP-336 introduces “Blob-Carrying Transactions” (BlobTx). This technology streamlines the verification process, leading to a massive reduction in gas expenses – an estimated 90% drop for layer-2 transactions on the BNB Smart Chain (BSC).

With BlobTx, transactions no longer require individual verification within a block. Instead, they are validated within a separate, temporary data storage unit called a “blob.” This innovation significantly enhances network efficiency and cost-effectiveness.

Upgrade Benefits Both Veterans and Newcomers

The BEP-336 upgrade isn’t just about faster transactions; it also aims to broaden accessibility. By slashing fees, BNB Chain becomes a more attractive platform for both seasoned developers and those new to blockchain technology.

The update goes beyond just the BSC. BNB Greenfield, a decentralized storage solution on BNB Chain, will also benefit from BEP-336. This upgrade introduces “BlobHub,” a data archive layer designed to optimize large-scale data storage for Layer 2 blockchains and decentralized applications (DApps).

BEP-336 Tailored for BSC, Not a Copy of Ethereum’s EIP-4844

While the core concept might seem similar to Ethereum’s EIP-4844, BNB Chain emphasizes that BEP-336 is specifically designed for BSC. Unlike Ethereum’s burning mechanism, BSC takes a different approach with blobs. The base fee within blobs is not burned on BSC, and the price calculation method is tailored to fit the BSC network.

BNB Holders Rewarded with Airdrops

To celebrate its loyal user base, Binance, the crypto exchange behind BNB Chain, recently announced a program offering airdrops to long-term BNB holders. This initiative aims to reward users who have held onto BNB tokens through market ups and downs.

BNB Price Soars, Then Retreats After Reaching All-Time High

The implementation of BEP-336 coincides with a noteworthy milestone for BNB, the native cryptocurrency of BNB Chain. In the first week of June, BNB’s price outperformed the overall crypto market.

However, after reaching an all-time high of $720.67 on June 6th, BNB’s price has retreated due to profit-taking activity. Currently, BNB trades around $603.48.

BNB Market Analysis: Bull vs. Bear Battle

Technical analysis suggests a current bearish bias surrounding BNB. The altcoin is trading within a horizontal channel, indicating a balance between buying and selling pressures.

Resistance sits at $635, while support is established at $591. Key indicators like the Directional Movement Index (DMI) and Aroon Down Line suggest that bears may be in temporary control.

Should this trend continue, BNB could fall further to the $574 region. However, if the bulls regain momentum, a surge towards $609 is a possibility.