Binance Has Reduced The Network Withdrawal Fee For TRON (TRX) To 1 USD

Key Points:

• Following comments from the community, Binance decided on the evening of February 11 to reinstate the charge and work with TRON to find another solution.
• Proposal 83 outlines a dynamic energy model that raises transaction costs for illiquid projects while having no effect on other decentralized applications (dApps).

According to a statement made by Binance yesterday afternoon, the TRON network withdrawal fee on the Binance exchange will increase from 1 to 2.6 USD on February 10.

Following comments from the community, Binance decided on the evening of February 11 to reinstate the charge and work with TRON to find another solution. According to the approval of Proposition 83 by the community last month, Binance has formally stated that withdrawal fees on the TRON (TRX) network would be adjusted in order to modify the energy recovery method for the blockchain’s smart contract.

As a result, Proposal 83 explores a dynamic energy model that raises transaction costs for illiquid projects while having no effect on other decentralized applications (dApps).

The new withdrawal charge is nearly double that of the previous one. The withdrawal charge for USDT – USDC – TUSD has been raised from 1 to 2.6 USD. The BUSD withdrawal cost, in particular, has been increased from USD 0.8 to USD 2.2. Similarly, customers must spend 15 TRX instead of 1 TRX to withdraw TRX.

Five days ago, Binance informed users of the maintenance that will be performed on the Binance TRON network wallet. The overall potential impact of the change to the TRON withdrawal fee might have a major bearing on the number of tokens that are traded on this network. The price of one TRX token is now sitting at $0.063, having experienced a little decrease over the course of the previous twenty-four hours.

In addition, Binance made the announcement yesterday that it will include the zk-SNARKs technology into the Proof of Reserves asset verification platform. This decision was made in response to a recommendation made by Vitalik Buterin, the founder of Ethereum.

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