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Binance takes the high road as network validators vote for fee restructure on the main chain

Biraajmaan Tamuly

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Binance announces fee restructure on the main chain as fees slashed down to 50%
Source: Pixabay

Binance, one of the largest cryptocurrency exchanges in the world, has been rapidly improving its stock as a prominent organization handling various virtual assets. The company has also been launching several new projects such as the launch of the new Binance DEX. The launch of Binance Launchpad laid down the way for other crypto-projects, most recently the harmonyprotocol project, which was received positively after its introduction.

Changpeng Zhao, CEO of Binance, recently announced that Binance DEX had re-adjusted its fees and lowered them.

According to a Binance community blog, after the recent surge recorded by BNB, validators of the network proposed and collectively voted that the fee structure should be lowered and at press time, most of the fees were slashed by almost 50%.

The changes were implemented on the first block that would be active after 13th June 00:00 [UTC].

One of the major benefits of the current development is the fact that the company will attain a higher user-friendly customer base since lowered fees will incentivize more people to join crypto and spur faster crypto-adoption.

According to the report, the transfer fee was reduced to 0.000375 BNB from 0.000625 BNB. The burn asset fee was around 1 BNB and after the restructure, it was at 0.5 BNB. The listing fee also drastically dropped to 1000 BNB, which was at 2000 tokens before.

Other transaction fees such as IOC fee, Multi-send fee and Freeze/unfreeze fee also plummeted by 50% on the Binance Chain.

The current development should attract customers doing their business on other exchanges, where the fees are relatively higher. A lot of flak was recently directed at Hitbtc exchange after many in the Twitter community highlighted its high fees.

Twitter user, @cryptocoinsclub, had commented,

“HitBTC fees are insanely ridiculous. Also… HitBTC is a SCAM!”

Another user, @friendsRcrappy, said,

“Yup. hitbtc your fees are asinine. I no longer trade there. Another Cryptopia waiting to happen.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

News

Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead

Akash Anand

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Source: Pixabay

The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.

Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.

At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.

Source: TradingView

Source: TradingView

A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.

The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.

Source: TradingView

Source: TradingView

EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.

Source: TradingView

Source: TradingView

The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.





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