Binance Smart Chain eyes major fee reduction amid rising user activity

The post Binance Smart Chain eyes major fee reduction amid rising user activity appeared on BitcoinEthereumNews.com.

Former Binance CEO Changpeng Zhao has proposed reducing BNB Smart Chain (BSC) gas fees. In a post on X, Zhao suggested cutting the fees by 3x or 10x. If implemented, the move could see BSC gas fees drop to less than a penny. Presently, the BSC Scan gas tracker shows that the network charges an average of 1 gwei, worth around $0.013 to process transactions. However, this is just the average fee, and the gas fee can change depending on the complexity of the transaction and the priority chosen by users. BitBonds data shows that fast transaction fees are currently 1.5 gwei ($0.019). BSC gas fees in 2025 (Source: YCharts) While these fees are generally low, it is possible for fees to spike, especially during periods of high network activity. Data from YCharts shows that BSC had an average fee of 24.28 gwei on February 14, 2025. Interestingly, the highest daily average fee recorded was August 30, 2020, when the fee spiked to 305 gwei. However, this was a one-off instance that has not happened again since then. Reactions to the proposed reduction Meanwhile, the proposed reduction has generated a positive reaction from many in the crypto community who believe the reduction in transaction fees will be a positive development for the network. BSC has seen increased volume recently, which is evident in its 2.26 million active addresses in the last 24 hours, according to Defillama. However, many believe reduced fees could boost DeFi activity significantly and allow it to better compete with Ethereum and Solana. The impact of reduced fees on network activity cannot be overstated. Low fees and transaction speed are two of the major factors that drive transactions on most smart contract networks and remain one of the reasons most Ethereum users prefer Ethereum layer-2 networks to…