Ethereum
BNB smart chain will introduce its own blobs to compete with Ethereum
BNB Smart Chain developers are expected to enable the Tycho hard fork on mainnet in mid-June.
Blobs enable cheaper transactions and higher throughput on blockchains.
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Posted May 16, 2024 at 3:23 PM EST.
BNB Smart Chain (BSC) is set to undergo a series of hard fork upgrades aimed at improving user experience and helping the blockchain network associated with crypto exchange Binance remain competitive with Ethereum.
The Tycho hard fork, which was deployed to testnet in April and is expected to be on mainnet in mid-June, introduces a new transaction type involving blobs, a type of memory space for storing transaction data.
Blob transactions have been available on the Ethereum Layer 2 network since March, when Ethereum developers enabled the Dencun upgrade. Blob transactions on BNB Smart Chain enabled by BEP-336 are intended to bring cheaper transactions and higher throughput to BSC.
Learn more: Ethereum Completes Major Dencun Upgrade, Expected to Significantly Reduce Fees
Blobs on Binance Smart Chain Vs. Ethereum
The difference between blob transactions on Ethereum and BNB Smart Chain comes from their implementation methods and architectures, according to a BNB Chain blog post. published Wednesday. “BSC integrates blob blocks directly into its nodes, while Ethereum hosts blob blocks on the consensus layer. Additionally, BSC uses a dynamic pricing model for blobs within a predefined range, whereas Ethereum only relies on dynamic pricing,” according to the post.
BNB Greenfield and opBNB – BNB Chain’s data storage system and layer 2 network, respectively – will also go through their own hard fork upgrade. The BNB Greenfield network hard fork introduces, among other things, new cross-chain channels, while the opBNB hard fork plans to “lead to a notable reduction in the cost of opBNB, making the platform more profitable for users” , BNB Chain blog post. declared.
The opBNB hard fork was scheduled for the testnet on Wednesday between 6:00 and 6:30 UTC, while the Greenfield hard fork activated on the testnet on Thursday at 7:00 UTC.
Learn more: BNB Chain Released Layer 2 EVM Testnet Based on Optimism
The BSC upgrades copy the latest changes to Ethereum and help “make layer 2s of the BNB chain more viable in the long term, most commonly opBNB,” Flipside Crypto data scientist Carlos Mercado wrote at Unchained via Telegram. “BEP-336 is essentially EIP-4844 (Blobs) to make Layer 2 cheaper, with some tweaks for minimum and maximum blob prices.”
Mercado, however, said: “I would be hesitant to think too much about upgrades beyond keeping BSC competitive with ETH on a technological level.”
The price of BNB, the native token of BNB Smart Chain, decreased by 3% in the last 24 hours, from $583 to $565 at press time, according to data from CoinGecko. watch.