Binance coin, stands out as a token that powers Binance Smart Chain. This week, it is up a remarkable 43% and is trading at $613, where it was last seen in December 2021. This increase occurred simultaneously with the announcement of the “BEP 336 update”, which aims to optimize data storage and processing on the BNB Chain, inspired by Ethereum’s Dencun update (EIP 4844).
What is BEP 336 Upgrade?
The BEP 336 update changes the handling of large blocks of data by introducing a revolutionary concept known as “Blob Carrying Transactions” on the Binance Smart Chain (BSC). BlobTx simplifies transaction verification by efficiently processing blocks of data using volatile and cost-effective memory segments. These Blobs increase processing efficiency by capturing blocks of data up to 128 KB.
This innovative approach reduces network space consumption, similar to Ethereum’s Dencun upgrade, offering users lower storage costs and more economical gas costs.
The BEP 336 update also brings two important features. First, a platform called Blob Market allows users for regulated storage costs. Secondly, the introduction of a Precompilation Agreement for security purposes increases the security of the platform.
Roadmap for BEP 336 Integration
BSC set out its strategy by starting the BEP 336 integration with testnet delivery in April and continuing with a magnet phase for further testing and optimization in May. Then, the Mainnet hard fork in June marks the official rollout aimed at improving network quality and scalability.
In this process, the development of the BEP 336 upgrade is poised to greatly benefit developers and users of the BSC ecosystem. It promises lower gas fees, blockchain flexibility, and improved network performance, making BSC more accessible to developers and newcomers.
Where Is BNB Price Heading?
According to technical analysis, an upward move will be seen if the price of Binance coin breaks the $631 resistance level. This will test the upper resistance at $675. Continuing to hold at this level could push the face value to $700.
However, with the announcement of BEP 336, the BNB price increased by more than 14% to $613.
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