Binance Chain Mainnet Lowering of Fee Structure

This change focused on the Binance Chain mainnet and reduced multiple fees. Moving forward we can expect further proposals to lower fees on both the Binance Chain and the Binance Smart Chain as BNB price continues its steady accent higher.

By
Wilfred Victor
on
March 23, 2021
Category:
Breaking News

Binance Chain Fee Reduction

Binance just made a change that addresses the core issues it hopes to handle on its chain, which is the increasing price fees due to a steady increase in the price of BNB. BNB is the native asset used as “gas” or transaction fees. Users have expressed their concerns about this slight increase in fees that have been occurring for some time.

In his Tweet, the network CEO has called for a way to make transactions on the chain cheaper and faster. It is interesting to know that the changes have been implemented.

The validators have proposed and voted on lowering the fee structure on Binance Chain Mainnet.

The change is observable at Proposal transaction at;

The first block activates this change after 2020/03/20  00:00 (UTC).

Asset Related Fees:

  • Transfer asset fee will be 0.000075 BNB (previously 0.000375 BNB)
  • Multi-send asset fee will be 0.00006 BNB (previously 0.0003 BNB)
  • crossTransferOut asset fee will be 0.000075 BNB (previously 0.0002BNB)

BEP2 Related Fees:

  • Issue asset fee will be 10 BNB (previously 100 BNB)
  • List asset fee will be 200 BNB (previously 1000 BNB)
  • Transfer ownership asset fee will be 0.002 BNB (previously 0.01 BNB)
  • Mint asset fee will be 0.002 BNB (previously 0.01 BNB)
  • Burn asset fee will be 0.002 BNB (previously 0.01 BNB)
  • Lock/unlock/relock asset fee will be 0.002 BNB (previously 0.01 BNB)
  • Freeze/Unfreeze Asset will be 0.001 BNB (previously 0.005 BNB)
  • HTLT/depositHTLT/claimHTLT/refundHTLT Asset will be 0.000075 BNB (previously 0.000375 BNB)
  • Enable Memo Check/Disable Memo Check  will be 0.2 BNB (previously 1 BNB)

BEP8 Related Fees:

  • TinyIssue fee will be 0.4 BNB (previously 2 BNB)
  • MiniIssue fee will be 0.6 BNB (previously 3 BNB)
  • SetTokenUri fee will be 0.000075 BNB (previously 0.000375 BNB)
  • List BEP8 Asset fee will be 1 BNB (previously 8 BNB)

Binance DEX Related Fees:

  • Cancel (No Fill) fee will be 0.00005 BNB/0.00001BNB (previously 0.00025 BNB/0.00005 BNB)
  • Order Expire (No Fill) fee will be 0.00005 BNB/0.00001BNB (previously 0.00025 BNB/0.00005 BNB)
  • IOC (No Fill) fee will be 0.000025 BNB/0.000005BNB (previously 0.0001 BNB/0.000025 BNB)
  • Submit Listing Proposal fee will be 1BNB (previously 5 BNB)
  • Deposit Listing Proposal fee will be 0.000125 BNB (previously 0.000625 BNB)
  • Listing BEP2 Asset fee will be 200 BNB (formerly 1000 BNB)

Binance Smart Chain Related Fees:

  • Create A New Smart Chain Validator fee will be 2 BNB (previously 10 BNB)
  • Edit Smart Chain Validator Information fee will be 0.2 BNB (previously 1 BNB)
  • Delegate Smart Chain Validator  fee will be 0.0002 BNB (previously 0.001 BNB)
  • Redelegate Smart Chain Validator  fee will be 0.0006 BNB (previously 0.003 BNB)
  • Undelegate Smart Chain Validator  fee will be 0.0004 BNB (previously 0.002 BNB)
  • Unjail, A Smart Chain Validator fee, will be 0.5 BNB (previously 1 BNB)
  • Submit Byzaitine Behavior Evidence of A Smart Chain Validator fee will be 0.5 BNB (previously 10 BNB)
  • Submit Smart Chain Proposal fee will be 1 BNB (previously 10 BNB)
  • Smart Chain Proposal Deposit fee will be 0.00025 BNB (previously 0.00125BNB)
  • Smart Chain Proposal Vote fee will be 0 BNB (previously 1 BNB)

Current Mainnet Fee Table: https://docs.binance.org/trading-spec.html#current-fees-table-on-mainnet

The change is already active, as reported by users under the official Tweet announcement.

Internal Transaction 12 days at $0.5

Recent transaction at $0.05

Concluding Thoughts

The network seeks to maintain its lead as the cheapest and fastest available in the blockchain ecosystem. This is not the first fee structure change we have seen. There have also been multiple updates to the BSC’s gwei limit, reducing users' gas fees as well. This change focused on the Binance Chain mainnet and reducing multiple fees. Moving forward we can expect further proposals to lower fees on both the Binance Chain and the Binance Smart Chain as BNB price continues its steady accent higher.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.