Key Points:

• BNB Chain declared that as indicated by the local area proposition, validators had decreased the exchange cost from 5 Gwei to 3 Gwei.
• In the past, a community proposal suggested making the chain more competitive by cutting transaction fees in half.

Based on a suggestion from the community, validators on the BNB Chain have reduced the transaction fee from 5 Gwei to 3 Gwei, according to a recent Twitter post.

The plan calls for a reduction in gas prices from 5 gwei to 3 gwei. The current price of three gwei, according to BscScan, is approximately $0.02.

The BNB Chain community put out a new proposal on March 29 to cut transaction fees on BSC in order to make it more competitive. They say that doing so would make BSC L1 more appealing than other options in the ecosystem L2.

Additionally, it stated that the lower prices would aid in “sustaining the BNB economy and strengthening BSC’s market position.” Network activity has been hindered by BSC’s high gas prices, with claims that utilization of approximately 15-20% may increase if the gas charge is not reduced.

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According to the proposal, lowering gas prices on the layer-1 BNB Chain would boost its competitiveness and benefit subsequent layer-2 BNB chain solutions. The strategy is anticipated to improve sustainability, attract new users, and maximize block consumption on the network, in addition to the large volume of transactions on BNB Chain, which would provide a significant financial incentive for validators to participate.

By adopting this concept, both BNB L1 and L2 will benefit from increased market flexibility and competitiveness, resulting in a win-win situation for the ecosystem as a whole.

However, from 2.456 million on January 1 to 3.406 million on March 29, daily BNB Chain transactions have increased by nearly 60%. In spite of the substantial growth, BNB Chain encountered significant difficulties in 2022.