Changpeng Zhao Proposes Slashing BNB Chain Gas Fees by Up to 10x to Boost Network Competitiveness

Binance CEO Changpeng Zhao (CZ) has proposed slashing BNB Chain gas fees by up to 10x in a move that could directly challenge Ethereum's high fees and Solana's cost-efficiency.

If implemented, BNB Chain could attract more developers with ultra-low transaction costs.

CZ's proposal comes as part of a broader strategy to boost network competitiveness and expand the use cases for blockchain technology.

Binance founder Changpeng Zhao (CZ) is aiming to shake up the Layer-1 battlefield with a bold move that could tip the balance in the ongoing battle for network dominance.

As reported by Coinpedia, CZ has proposed slashing BNB Chain gas fees by up to 10x, a tweak that could have massive implications for both developers and users.

This potential fee cut could supercharge Binance Smart Chain’s position in the DeFi race, threatening to outpace blockchain heavyweights Vitalik Buterin’s Ethereum and Anatoly Yakovenko’s Solana.

High gas fees have long haunted the crypto space, especially on Ethereum, where the average cost is $0.42. Solana has gained traction with its lightning-fast speeds and near-zero costs.

Now, CZ is looking to outdo both by pushing BNB Chain’s already-low gas fees even further down. The network currently boasts a median gas price of 1 Gwei (around $0.01 per transaction).

In the last 24 hours alone, BNB Chain processed over 7.2 billion transactions at an average fee of $0.0945 - already a bargain by blockchain standards.

“Affordability is key to blockchain’s future. We're lowering BNB fees to empower developers & users, outpacing Ethereum & Solana in use-cases & throughput,” CZ shared on X.

This could drive a new wave of developers to the BNB ecosystem, lured by high throughput, cost efficiency, and growing momentum. From DeFi and NFTs to blockchain gaming, the use cases are vast.

However, going too far could backfire. Zero or near-zero fees might invite spam and overload the infrastructure, putting pressure on validators.

The challenge? Slashing fees without compromising network security or developer incentives.

This is a significant development in the ongoing competition among Layer-1 protocols to attract developers and users.

With Ethereum still battling scalability issues and Solana working to maintain its reliability, Binance is striking with what could be the most cost-effective Layer-1 option on the market.

This fee slash proposal, though not yet officially confirmed, signals Binance’s renewed ambition to lead the L1 race. If implemented smartly, it could tilt user and developer sentiment in BNB Chain’s favor in a big way.