Key Points:
BSC’s transaction costs are relatively high compared to L2 solutions, which may not be appealing to users. As a result, there is growing competitive pressure on BSC to maintain its market share. Over the past six months, the network’s key measurements have plateaued, and utilization has varied between 15-20%. BSC validators must feel the urgency to reassess their current transaction fee structure to prevent slower growth compared to rapidly growing L2 solutions.
The proposed solution is for BSC validators to adopt a more flexible approach towards transaction fees, enabling 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 change would make BSC L1 more attractive than other ecosystems’ L2 solutions and provide a competitive advantage for potential BSC L2 solutions. Furthermore, the upcoming Greenfield Decentralized Data Storage System will attract new users and bring new traffic toward BSC.
High transaction volume on BSC would offer substantial value for BSC validators, maintaining a strong financial incentive to participate as validators. This approach would yield the following benefits:
By implementing this proposal, both BSC L1 and L2 would benefit from increased competitiveness and market adaptability, creating a win-win solution for the entire ecosystem.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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