Ethereum’s high gas fees have always been a major issue with most of the traders.
BinanceSmart Chain has launched aiming to provide a comparatively fewer gas fees
A report shows much of ETH traffic is diverted to Binance Chain
Gas Fees in BNB not ETH
It is not hidden that Binance aims to be the leader in the DeFi space also along with the crypto space. Therefore it rolled out its own DEX, Binance Smart chain with its native token BNB as the base for the transaction fees. Unlike the Ethereum’s DEX, where-in the gas fees are in the form of ETH, Binance charges in the form of BNB.
A happy trader who paid a very lesser amount of transaction fees on the Binance Smart Chain DEX shared his views on twitter.
On the Binance Smart Chain, the fees are only 0.1 percent if you pay in non-BNB assets and 0.04 percent if you pay in BNB. However, there are different fee structures for different types of transactions like Cancel, Order Expire, IOC, Transfer, etc. Complete details of the fee structure can be viewed on the official website.
Binance Chain Grabs Ethereum’s Share
With swelling in the DeFi space, Binance Chain has attracted much traction in the crypto space. Offering fewer fees than Ethereum, Binance has managed to snatch much of the ETH’s share in the DeFi space.
The CEO of Binance Changpeng Zhao(CZ) had also said the more projects migrating to the Binance Chain platform would reduce the gas fees.
“Of course, love to see more DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too,” he said.
Following which, Binance native token BNB had jumped drastically to $32 but currently settled at $25.26 with a gain of 4.85 percent.