Exchange News- Earlier, the Tron DAO voted to change the energy pricing technique used on the network.
- Binance has worked with the Tron project’s development team on the solution.
As a result of user criticism, the biggest cryptocurrency exchange by trading volume stated on Saturday that it has restored previously-set withdrawal limitations on the Tron network. After the Tron DAO voted to change the energy pricing technique used on the network, Binance announced that it will be increasing fees.
Binance, the leading cryptocurrency exchange, has published a statement saying it has worked with the Tron project’s development team to discover a way to reduce withdrawal costs on the network and streamline the exchange’s user experience.
Transition to Dynamic Energy Pricing Model
Following a decision by the Tron community to switch to a dynamic energy model for pricing energy on the Tron network, the exchange stated on Friday that it will be hiking prices. The goal of this strategy is to ensure that the chain’s energy resources are priced fairly and that the network’s resources aren’t concentrated in the hands of a few contracts.
Moreover, when the new regulation went into effect, the price of withdrawing TRX increased by a factor of 15. While the price of withdrawing USDT increased by more than twice as much.
Furthermore, this commitment to building a “cheap, fast, and secure” network was expressed in a statement released by Tron’s founder, Justin Sun, earlier on Saturday. The costs connected with TRON network withdrawals have been adjusted by Binance as a consequence of the recent transition from a static to a dynamic energy pricing model. Not only that, but he also discussed working with Binance to reduce costs.
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Binance to Adjust Tron (TRX) Network Withdrawal Fees
Source: https://thenewscrypto.com/crypto-exchange-binance-withdraws-tron-network-withdrawal-fees-hike/