Binance Chain validators made a decision to change the transaction fee policy applied on the blockchain and reduced their transaction fees. The vote will affect Binance Chain, Binance Smart Chain, and Binance DEX.
The discount proposal, which was put to the vote on Binance Chain last week, was accepted with full support. According to the statement, what prompted the validators to make such a decision was the rise in the Binance Coin price.
Binance Coin, which is traded at $ 265.04, has gained 2,112.9% in the last 1 year. BNB had reached up to $ 348 on February 15th.
Transfer costs will decrease
The cost of making a transfer on Binance Chain has been reduced from 0.000375 BNB to 0.00000075 BNB. Using Binance Chain’s BEP2 standard to produce a digital asset will now cost 10 BNB, not 100.
In Binance Smart Chain, which was developed in addition to Binance Chain, creating a new validator will cost 2 BNB, not 10. 0.2 BNB, not 1, to change the validator information; 0.0002 BNB, not 0.001, will be paid for the validator delegation.
Binance DEX transactions get cheaper
According to what has been transferred, some transactions in Binance DEX will be cheaper than before. According to the information provided:
- Cancel fee 0.00005 BNB / 0.00001 BNB (formerly 0.00025 BNB / 0.00005 BNB
- IOC fee 0.000025 BNB / 0.000005 BNB (formerly 0.0001 BNB / 0.000025 BNB)
- The expire fee will be 0.00005 BNB / 0.00001 BNB (formerly 0.00025 BNB / 0.00005 BNB).
The change in transaction fees will also have implications for developers within Binance Chain, Binance Smart Chain and Binance DEX.