BNB Chain has recently successfully activated the hard fork Haber, implementing BEP-336 which introduces blob-carrying transactions. This innovation is designed to optimize both data storage and processing on the network.
In addition to improving efficiency, the hard fork Haber also results in a reduction of fees, making BNB Chain more competitive and attractive for users. Let’s see all the details below.
Summary
BNB Chain activates BEP-336: new blob-carrying transactions in the hard fork
As anticipated, BNB Chain has successfully announced the activation of the hard fork Haber, introducing the BNB Evolution Proposal (BEP)-336.
This update aims to improve data storage and processing on the blockchain network, with particular emphasis on reducing blockchain fees by up to 90%.
BEP-336, inspired by the Ethereum Improvement Proposal (EIP)-4844, introduces the concept of blob-carrying transactions, significantly simplifying the transaction verification process.
According to the statements of BNB Chain, the implementation of BEP-336 will lead to a drastic reduction in layer-2 costs on the BNB Smart Chain (BSC). The optimistic forecast is that network fees for the rollup layer-2 solution opBNB will be reduced to about $0.0001.
With this update, transactions will no longer be verified individually within each block, but within the linked BLOBs.
We remind you that BLOBs represent temporary memory segments that acquire large blocks of data. Thus optimizing data storage and improving the overall efficiency of the network.
Differences with Ethereum’s EIP-4844
This new approach, although similar to the EIP-4844 of Ethereum, has been specifically adapted for the BSC by BNB Chain.
The BLOBs on BSC are managed exclusively by the BSC client and the pricing mechanism has been customized to meet the needs of the blockchain BSC.
Unlike Ethereum, BSC does not burn the base fee within the BLOBs, maintaining a different approach to handling fees.
The new update does not only concern the main network, but also includes BNB Greenfield.
That is, a decentralized storage solution that will benefit from significant improvements in data management and storage thanks to “BlobHub”, a new data storage layer.
This important step occurs at a crucial moment for BNB, the native cryptocurrency of BNB Chain.
On June 6, BNB reached a new all-time high of $717.48, marking a significant price milestone. However, on June 18, the price dropped to $579, with the current value of BNB stabilized around $605.
The increase in the price of BNB outperformed the general cryptocurrency market in the first week of June, recording a 19% rise compared to the modest 4.2% of the market as a whole.
Despite this, traders remain cautious about the sustainability of this rally, constantly seeking indicators that can confirm the continuation of BNB’s growth.
Binance and the HODLer rewards campaign: BNB tokens on Simple Earn
Binance has recently introduced its new HODLer rewards program, aimed at users who hold and participate in Simple Earn using Binance Coin (BNB).
This initiative is designed to reward BNB holders with tokens from selected projects with a wide circulation, about to be listed on Binance.
To participate, users must access the “Earn” section of Binance and subscribe to the Flexible or Locked Simple Earn products using BNB.
Binance will inform users about the upcoming distributions of the HODLer Airdrop, providing complete details on the tokens they will receive. The program aims to support medium-small sized projects with solid foundations and active communities.
Before each airdrop, Binance will publish detailed announcements regarding the token distribution process.
To determine user rewards, Binance will take multiple random snapshots of user balances and total balances in the pools during the hour. These snapshots will calculate the hourly average balances of users’ Simple Earn products, both flexible and locked.
The historical snapshots will be used to calculate the rewards to be distributed to users. It is necessary to complete the account verification (KYC) and reside in valid jurisdictions to participate in the HODLer Airdrop of Binance.
Each airdrop will have a maximum participation limit in BNB per user, specified in each announcement.
In the event that multiple HODLer Airdrops are active simultaneously, users’ BNB assets in Simple Earn products will be distributed to ongoing projects, unless otherwise indicated.
The token airdrop will be transferred to the users’ spot wallets before the projects are listed on Binance Spot.
