Ethereum competitor BNB Smart Chain has unveiled plans for a significant upcoming upgrade, BEP 336, which is inspired by the latest advancements from Ethereum. This upgrade aims to reduce transaction costs and enhance network efficiency. The upgrade coincides with the activation of Ethereum’s EIP 4844 Dencun upgrade, a pivotal moment for blockchain technology.
BEP 336 introduces innovative “Blob-Carrying Transactions” (BlobTx), designed to store large data segments temporarily in a cost-effective manner, streamlining the transaction verification process. This feature will be particularly advantageous for opBNB, the BNB ecosystem’s layer 2 network. It facilitates the verification of data accuracy within these blobs instead of each transaction, thereby enhancing overall network efficiency.
The efficiency gains from this approach are manifold. Firstly, it leads to significant reductions in gas fees, making transactions more cost-effective for users. Secondly, it introduces a proactive management of blockchain bloat, ensuring that data integrity and availability are maintained throughout its lifespan on the chain.
Further enhancing the upgrade, BEP 336 integrates a blob market and a precompile contract, components critical for the new system’s operation. The blob market dynamically regulates the costs of storing and transmitting large data chunks based on network demand, ensuring that the blockchain remains efficient and cost-effective for users.
Meanwhile, the precompile contract adds a layer of security, verifying that the data within a blob matches the reference included in the transaction. This mechanism not only fortifies the network against potential vulnerabilities but also optimizes the process of data verification, contributing to the overall performance and scalability of the BNB Smart Chain.
Scheduled for a phased implementation, BEP 336 will initially be deployed on the testnet in April, followed by a Magnet phase in May for additional testing and optimization. The full implementation on the BSC mainnet is slated for June, culminating in a hard fork.
Looking forward, BNB Chain has already outlined several strategic upgrades and new products for 2024 aimed at enhancing scalability and user experience. Among these initiatives is the “Parallel EVM Re-Architecture” and the development of opBNB through the “Rollup as a Service” (RaaS) initiative, targeting the specific needs of large-scale dApps and further optimizing storage solutions to align with the network’s efficiency and scalability objectives.
The announcement of BEP 336 has had a positive impact on the price of BNB, the native token of BNB Chain, resulting in an increase of more than 10% over the past 24 hours to $628. At press time, the token was trading at $616, which is just 9.7% shy of its all-time high of $686.
