By
Temitope Olatunji
May 14th, 2024
After reaching its ATH of $36.3, Binance DEX announced it would lower its fee structure for BNB. The validators have proposed and voted on lowering the fee structure on Binance Chain, most of which are reduced by 50%.
Binance Сoin price continued its rising trend as the exchange accelerates its pace of developments. BNB has outperformed the majority of the top cryptocurrencies in the market and if the bulls continue above the ATH, higher resistance is found at $36.22 and $37. Above $37, further resistance is located at $38.53 and at $40.
After a steady increase in the market valuation of the coin, Binance DEX announced it would lower its fee structure.
Binance is already actively testing margin trading and opening more fiat on-ramps for the BNB token. This will further attract users and liquidity to the exchange which should have a positive effect on its token price. From the exchange they said:
“Due to the recent BNB price rise, the validators have proposed and voted on lowering the fee structure on Binance Chain, most of which are reduced by 50%.”
#Binance Chain Mainnet Lowering Fee Structurehttps://t.co/xnEfGiO8We pic.twitter.com/n4xnbngyS5
— BNB Chain (@BNBCHAIN) June 12, 2019
The update can be observed on the proposed transaction and will include: cancel, order expire, IOC, transfer, multi-send, issue asset, burn asset, freeze and unfreeze asset, mint asset, proposal, add deposit, and list fees.
The thing users are complaining to is an existence of a “Cancel fee”( that is now 0.00005 BNB (previously 0.0001 BNB)). However, we think that this is a natural thing to have since there is a certain cost of making a smart contract. Also, other exchanges have it as well. OKEx, for example, has “withdrawing fee” that is not fixed, but calculated specially for each token.
Since the December low, when BNB was trading at $4.12, it has experienced a massive bull rally that has taken its market valuation up 760 percent to reach its previous record of $35.16 on May 25th.
It’s nothing strange in being optimistic since this, one of the biggest cryptocurrency exchanges by trading volume, has the ability to continue adding value to the industry despite the 2018 cryptocurrency market downturn. This includes Binance Launchpad, Bittorrent IEO and Binance Chain mainnet.
Following this announcement, BNB price surged approximately 6.72 percent to its all-time high of $36.3.
While writing this text, Changpeng Zhao released another tweet:
https://twitter.com/cz_binance/status/1139076274926759936
Be it as it may, Binance is going towards breaking $5 billion market cap and it doesn’t seem to end. At the time of writing, Binance Coin was ranked in 7th place among the largest cryptocurrencies with a total market capitalization of around $4.99 billion.