- Blockchain noted that upgrades bring stains, but in different ways.
- BNB Chain recorded increased fees but decreased development activity.
On the same day that Ethereum (ETH) finalized its Dencun upgrade, it was announced that the BNB chain is also following a similar path.
According to BNB Chain, they plan to work on a new upgrade tagged “BEP 633” in the coming months.
BEP 633 is similar to Ethereum’s EIP-4844 and significantly reduces transaction costs for Layer-2 (L2) projects. Like EIP-4844, BEP 633 also introduces stains into conversations.
Sacrifice for cheaper routes
For the uninitiated, Blob is a highly scalable type of cloud storage that compresses large amounts of data. It also makes the network verification process easier.
BNB Chain mentioned in its disclosure that blobs will be useful for opBNB, the L2 of the ecosystem.
The decentralized smart contract network has been described as follows:
“The ephemeral nature of blobs prevents them from consuming network space indefinitely, lowering storage costs and resulting in cheaper gas rates for users.”
This will be the third major upgrade on the project compared to last year. In 2023, AMBCrypto reported how the chain introduced Greenfield, which focuses on data storage and management.
opBNB also appeared around the same time.
However, BNB Chain highlighted the differences between EIP-4844 and BEP 633. According to the statement, Blobs are managed by Binance Smart Chain (BSC).
He also mentioned that the BSC will be responsible for the gas pricing mechanism and fee burning.
Source: Artemis
Attention turns to networks, not development
At press time, fees generated on the blockchain reached $1.3 million, indicating high network activity.
Despite the increase in network activity, BNB Chain has strived to maintain consistency in development activities.
According to AMBCrypto’s analysis of Santiment data, BNB’s development activity peaked on January 26th.
After a few days, the metrics flattened out. A similar situation occurred on March 3, with the indicator soaring.
At press time, development activity had plateaued again, indicating poor code commits on the network. However, there was one indicator that evaluated BNB positively: social dominance.
Source: Santiment
Social dominance refers to the proportion of discussion about a project in the media. Therefore, this surge means that the BNB chain has received a lot of attention recently.
Realistic or not, the market cap of BNB in ETH terms is:
However, there may be changes to development activities as the chain announces its BEP 633 upgrade schedule.
According to information obtained by AMBCrypto, the testnet will take place in April and the mainnet will be completed in June.