CZ Wants to Slash BSC Gas Fees by Up to 10 Times

• CZ suggests reducing BSC Chain gas fees by up to 10x.
• Zero gas fees ruled out due to spam and validator concerns.
• BSC already ranks among the cheapest Layer 1 networks.

Changpeng ‘CZ’ Zhao, founder of Binance, has stirred discussion within the crypto community by proposing a significant reduction in BSC Chain gas fees. In a May 7 post on X, CZ suggested lowering gas fees on the Binance Smart Chain by three to ten times their current level.

The current average gas price on BSC Chain stands at 2.163 Gwei, reflecting a 3.91% drop from the previous day and a 41.40% decline compared to last year’s 3.691 Gwei. Despite the already low costs, CZ’s suggestion has sparked both support and criticism among crypto users.

While many users welcomed the idea of lower gas fees, some questioned the need for it. A few traders pushed for zero gas fees, arguing it could boost network usage. However, CZ promptly dismissed this idea, citing the need to support validators and prevent spam: “Lots of spam, and also need to consider validators and builders,” he replied.

Others argued that BSC Chain already has one of the lowest gas fees among Layer 1 networks. According to Dune Analytics, the average gas fee over the past seven days is just $0.093, with a median fee of $0.034, significantly lower than Ethereum’s $0.34 average and $0.088 median fees.

How BSC Compares With Other Layer 1 Chains

Among Layer 1 networks, BSC Chain is already among the most cost-efficient. Avalanche, for instance, reports a lower average gas fee at $0.022, but its median is only $0.002. Solana and Polygon lead with the lowest overall gas fees, with average fees at $0.019 and $0.003, respectively, and a shared median of $0.001.

CZ’s suggestion would further enhance BSC’s attractiveness to developers and users by decreasing entry points and enhancing scalability. Nevertheless, any significant decrease should preserve network security and validator incentives. Binance has not yet confirmed whether the proposal is to be implemented.

Highlighted Crypto News Today:

‌Bhutan Launches World’s First National Crypto Tourism Payments with Binance Pay