Binance’s CZ Proposes Significant BSC Chain Gas Fee Reduction
on May 7, Changpeng ‘CZ’ Zhao, the founder of Binance, suggested lowering BSC chain gas fees. In a post on X, he proposed reducing the fees by three to ten times. Currently,BSC Chain’s average gas price is 2.163 Gwei, down from 2.251 Gwei the previous day. This is a 41.40% decrease from last year’s 3.691 Gwei.
Gwei is a unit of BNB used to measure gas fees,similar to Ethereum’s ETH. One Gwei equals about 0.000000001 BNB. Zhao asked his followers, “Let’s reduce BSC gas fees? by 3x, 10x?”
Reactions were mixed. Some traders wanted zero gas fees, but Zhao explained this was impractical due to network validators and builders. “Lots of spam, and also need to consider validators and builders,” he said.
Others argued that BSC Chain’s current gas fees are already low. Dune Analytics shows BSC Chain has one of the lowest gas fees among Layer 1 networks. In the past seven days, BSC Chain’s average gas fee was $0.093, with a median of $0.034.Ethereum’s average gas fee is $0.34,with a median of $0.088.
Avalanche’s (AVAX) average gas fee is lower at $0.022, with a median of $0.002. Solana (SOL) and Polygon (POL) have the lowest fees, with polygon’s average at $0.003 and median at $0.001.Solana’s median is the same, with an average of $0.019.
