Reported by The Block: BNB Chain (BSC) has collected nearly $15 million in gas fees from users over the past 7 days, a surge of 400% and more than double Ethereum’s sum, as memecoin speculation increases on the network.
The network released its first optimization to deal with the increased traffic today, giving transactions interacting with time-sensitive contracts, like memecoin trades, a higher priority.
Chain has released a new optimization for its BSC network as memecoin speculation increases on the network, driving gas fees up and causing some congestion problems.
Currently, BSC validators stop evaluating bids once they reach the block limit, with new blocks mined every 3 seconds. However, during periods of high traffic, some time-sensitive transactions, such as memecoin swaps, would fail to make it into a block.
"This meant that even users who increased their gas fees (transaction fees) to expedite their transactions weren't necessarily getting the priority they expected," BNB Chain wrote. "This approach works well for most typical use cases. However, it's not optimal for the fast-paced, high-stakes world of meme coin trading."
Now, validators will be allowed to gather more bids inside the same 3-second window, potentially allowing higher-value transactions to take the place of lower-priority ones.
"This will allow validators to gather more bids, increasing the chance of incorporating the best ones and improving overall block building performance, especially during periods of high network activity," BNB Chain wrote. "In other words, we will give transactions interacting with time-sensitive (meme coin) contracts a higher priority."
Historic activity for BNB Chain
BNB's recent surge in price has coincided with historic gas fees on the network. BNB Chain users have spent nearly $15 million in transaction fees over the past 7 days, more than double Ethereum's $7 million and second only to Solana's $29 million, according to Nansen data. BNB Chain's gas fees represent a 388% surge from the prior period.
"BSC's fees surged 114% over the past 7 days, while blockchains like Solana, Ethereum, and Base have seen negative growth," Nansen analyst Aurelie Barthere recently told The Block. "One potential catalyst for this growth could be the recent 60-day pause in Binance's legal battle with the SEC, announced [Monday]."
A flurry of memecoins inspired by Binance founder Changpeng "CZ" Zhao's dog Broccoli has also spurred activity on the network, bolstering decentralized exchange PancakeSwap in turn.
"More to come. Build!" CZ said on X when announcing the network upgrade.
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