Binance founder Changpeng Zhao has initiated discussion around a potential reduction in gas fees on the BNB Chain, suggesting a cut by three to ten times. The proposal comes as network activity rises and pressure grows from more cost-efficient competitors like Solana.
Right now, BNB Chain has low fees, with a median gas price of 1 Gwei, which is about $0.01 per transaction. In the last 24 hours, the network processed over 7.2 billion transactions, with an average fee of $0.0945. Zhao’s idea is already competitive, and it could mean even lower user costs.
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But getting rid of all fees might have bad results, like spam and putting too much strain on network validators and infrastructure. The challenge is to lower fees without messing with stability or developer incentives.
Ethereum still has relatively high transaction costs, though. On average, it costs $0.42 over 24 hours, even though they have been making upgrades to improve efficiency.
Meanwhile, Solana is setting the standard for affordability. It has an average fee of just 0.000024 SOL, or about $0.0035, making it a very affordable option for users while also supporting high throughput.
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Zhao’s idea could make BNB Chain stronger in the competitive L1 landscape as it would offer a middle ground between Ethereum’s strength and Solana’s cost-efficiency. There has not been any official announcement yet.
Source: https://u.today/binance-founder-cz-offers-major-bnb-gas-fee-slash-to-crush-solana-and-ethereum