Layer 2 scaling solutions have revolutionized the space with faster and cheaper transactions, as well as increased scalability and improved privacy and security.
In a bid to increase its competitiveness against rival blockchain networks, a proposal has been submitted that aims to adopt a lower transaction fee cost on Binance Smart Chain (BSC).
BSC Proposal
The proposal, submitted on March 28th, highlighted the need for a more adaptive transaction cost distribution on the BSC network with a more flexible transaction fee structure in a bid to ensure efficient block utilization and attract new users. It further stated that such an approach would help sustain the BNB economy while enhancing BSC’s position in the market, especially in the multichain strategy laid down in its roadmap.
According to the proposal, BSC’s high gas fees have impeded the network activity and claimed that the utilization of around 15-20 could aggravate if the gas fee is left unchecked.
“BSC transaction costs are currently set at a relatively high fixed rate of 5 gwei, which may not be as appealing to users as the more affordable fees provided by L2 solutions outside of the BSC ecosystem. This will ensure the existing and future BNB Chain L2 solutions remain competitive and keep attractive users in the ecosystem.”
The proposition for the BSC validators is to allow users to choose fees below the current 5 gwei rate, with options to go as low as 3 or 4 gwei, depending on their financial needs. This approach, as per the user, “would make BSC L1 more attractive than other ecosystems’ L2 solutions and provide a competitive advantage for potential BSC L2 solutions ( BSC L2 should have a target of < 0.005$/tx.”
