Binance Proposes Major Fee Cuts on BNB Chain to Compete with Ethereum and Solana

Changpeng Zhao (CZ), Binance’s founder, has proposed a bold initiative aimed at significantly reducing gas fees on the BNB Chain. This move could cut costs by three to ten times, putting BNB Chain in a strong position to compete with Solana and Ethereum in the race for layer-one blockchain dominance. 7.2 billion transactions currently flow through the BNB chain, averaging a $0.0945 fee. CZ’s proposal aims to make BNB Chain as affordable as Solana ($0.0035 per transaction) while retaining its robust infrastructure and EVM compatibility. This comes as BNB recently surpassed Solana in market capitalization, exceeding 104 billion dollars.