- The blockchain stated that the upgrade would produce blobs, but in a different way.
- BNB Chain recorded an increase in fees generated, but development activity declined.
Same day Ethereum [ETH] After the Dencun upgrade was completed, BNB Chain announced it was following a similar path.
According to BNB Chain, it plans to work on a new upgrade titled ‘BEP 633’ in the coming months.
The BEP 633 is similar to Ethereum’s EIP-4844, which has significantly reduced transaction costs on Layer-2 (L2) projects. Like the EIP-4844, the BEP brings 633 blobs into the conversation.
Sacrifices for the cheaper route
For the uninitiated, a blob is a highly scalable type of cloud storage that compresses large data. It also facilitates the network verification process.
BNB Chain, in its revelationnoted that the blobs would be useful for opBNB, the L2 of its ecosystem.
The decentralized smart contract network explained:
“The temporary nature of blobs ensures that they do not take up network space indefinitely, leading to lower storage costs and therefore cheaper gas rates for users.”
This upgrade would be the project’s third major upgrade in the past year. In 2023, AMBCrypto reported how the chain introduced Greenfield, which focused on data storage and management.
around the same period, opBNB also came into the picture.
However, BNB Chain highlighted the difference between EIP-4844 and BEP 633. Based on the communiqué, blobs would be managed by the Binance Smart Chain (BSC).
It was also mentioned that BSC would be responsible for the gas pricing mechanism and fees.
Source: Artemis
Attention, and not development, returns to the network
At the time of writing, fees generated by the blockchain amounted to $1.3 million, indicating high network activity.
Despite the increase in activity on the network, BNB Chain has struggled to maintain consistency in development activities.
According to AMBCryptos analysis According to Santiment data, BNB development activity peaked on January 26.
A few days later the benchmark was flat. It was a similar situation on March 3, when the statistic jumped.
At the time of writing, development activity was flat again, indicating that code commits on the network were declining. However, there was one metric that put BNB in a good light, and that was social dominance.
Source: Santiment
Social Dominance shows the share of discussions about a project in the media. The strong increase therefore meant that BNB Chain had received a lot of attention recently.
Realistic or not, here is BNB’s market cap in terms of ETH
However, there may be changes in development activities as the chain rolls out the schedule for the BEP 633 upgrade.
From the information AMBCrypto received, the Testnet will take place in April, while the Mainnet will be completed in June.