Binance has significantly reduced transaction fees on its BNB Chain, lowering them by a remarkable 90% following a proposal from former CEO Changpeng Zhao. This move is aimed at encouraging greater use of the blockchain and increasing competition in the fast-evolving Layer 1 space. As Market Analyst predicts, this reduction could fuel the resurgence of DeFi activity, possibly leading to a price target of $700 or higher for BNB. The decision comes as Binance faces growing pressure from other Layer 1 chains seeking market share. Experts believe this strategic move by Binance will incentivize users and potentially attract more developers, contributing to its long-term success.