BNB Chain has rolled out a significant upgrade to its BNB Smart Chain (BSC) network, responding to the surge in gas fees caused by increased meme coin activity.
BNB Chain has rolled out a significant upgrade to its BNB Smart Chain (BSC) network, responding to the surge in gas fees caused by increased meme coin activity. Over the past week, gas fees on the network shot up by 400%, reaching nearly $15 million. This spike in fees has outpaced Ethereum, which saw $7 million in fees, but still falls behind Solana’s $29 million. The surge is largely due to increased transactions related to meme coins, including those inspired by Binance founder Changpeng "CZ" Zhao's dog, Broccoli.
The BNB Chain network upgrade is designed to address issues caused by high traffic, particularly with time-sensitive transactions like meme coin swaps. Previously, BSC validators stopped evaluating bids when the block cap was reached, leading to delays or failed transactions even when users had increased their gas fees to prioritize them. With the new update, validators can now gather more bids within the same three-second block window, allowing higher-value transactions to take priority and improving block-building performance.
This optimization comes as BNB Chain hits a record for its gas fees. The network has seen a 114% increase in fees over the past week, making it one of the top chains for gas revenue. While Solana remains ahead in terms of gas fees, BNB Chain is now the largest Ethereum Virtual Machine (EVM) chain based on monthly transactions, processing over 68 million transactions in the last 30 days. This places BNB Chain ahead of Ethereum in terms of total transactions, second only to Solana.
Activity has notably increased on BNB’s decentralized exchange PancakeSwap, which benefits from the meme coin surge. BNB’s market cap has also surpassed $104 billion, reflecting the growing interest in the network and its native coin.
Moreover, the meme coin phenomenon is gaining momentum with platforms like Four.meme, which allow for the creation of more than 12,000 meme tokens in a single day. This has further contributed to the high transaction volume on BNB Chain, creating a need for faster and more efficient transaction processing.
As the meme coin market continues to grow, BNB Chain’s new optimization aims to handle this increased traffic better and ensure the timely processing of high-priority transactions. The upgrade is expected to make the network more efficient, especially during periods of high activity, and help BNB Chain maintain its position as a leader in the blockchain space.
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