The BNB Smart Chain (BSC) network received an important update from BNB Chain that improved network speed and developed congestion management capabilities.
The price of gas fees increased by 388% during one week following the rapid growth of meme coin activities. Recent BNB Chain updates have made several bids available for validators to process throughout each block period of three seconds, which improves network reliability.
BNB chain implements upgrade to improve transaction processing
The old BSC validator protocol made all validators stop processing bids when block limits were achieved, resulting in failed operations and transaction delays, although users paid higher gas fees. The newest system update allows validators to retrieve more payment requests inside one block time so they can better handle transactions with elevated value rates. The recent network modification benefits users performing urgent transactions, often including meme coin trading activities.
BNB Chain reports that this network change enables validators to accept superior transactions without impacting stability. The system performs better transaction execution because it allows more bids within each block particularly when the network experiences high demand. The update aims to improve the transaction priority when smart contracts become involved in blockchain action.
BNB chain records highest-ever gas fees amid network surge
BNB Chain achieved its highest transaction fees at its network upgrade. The data provided by Nansen reveals that BSC gas fees reached $15 million last week surpassing Ethereum at $7 million yet trailing behind Solana at $29 million. Between February and May 2022 BSC achieved a 114% increase in gas fees thus becoming one of the leading blockchain networks in terms of transaction quantity.
An increase in Binance’s share price is attributed to the firm’s 60-day legal stay with the SEC, which seems to boost investor trust. The network gained energy from meme coins that used the dog Broccoli as a theme, which Binance founder Changpeng Zhao inspired. The rising volume at decentralized exchanges, including PancakeSwap, was a direct consequence of this market surge.
BNB chain strengthens position as leading EVM chain
BNB’s market capitalization rose to over $104 billion in the past week, with its price climbing 13%, surpassing SOL in performance. According to Dune data, the network processed 68.3 million transactions in the last 30 days, securing its position as the second-largest blockchain by transaction volume after Solana.
The meme coin sector on BSC continues to expand, driven by platforms like Four.meme, which facilitated the creation of over 12,000 new tokens daily. As a result, BNB Chain has become the largest Ethereum Virtual Machine (EVM) chain by monthly transactions, reinforcing its dominance in the crypto space.