Binance founder proposes lowering BSC gas fees by three to 10 times

Binance founder Changpeng ‘CZ’ Zhao suggests lowering BSC Chain gas fees by three to 10 times its current rate.

In a recent X post on May 7, the former Binance CEO proposed lowering gas fees on the BSC Chain to his followers. According to data from Y Charts, BSC Chain’s average gas price sits at 2.163 Gwei, down 3.91% from yesterday’s average which was at 2.251 Gwei. Compared to last year, BSC Chain’s gas fee has gone down 41.40% from 3.691 Gwei.

In the context of BSC Chain, Gwei is a unit of BNB (BNB) used to measure gas fees, similar to how it’s used on Ethereum (ETH). It’s essentially a standardized unit used to measure the cost of processing transactions on the network. One Gwei is equal to around 0.000000001 BNB.

“Let’s reduce BSC gas fees? by 3x, 10x?” wrote Zhao on his official account.

His prompt was met with mixed reception, as some traders on X urged the current head of YZi Labs to waive gas fees entirely. In response, the Binance founder said that deploying zero gas fees would be out of the question, considering the network would still need to support validators and builders. “Lots of spam, and also need to consider validators and builders,” said Zhao.

On the other hand, many traders argued that the current gas fee rate on BSC Chain is already so low that it does not feel like much of a hinderance to them. According to Dune analytics, BSC Chain has one of the lowest gas fees among Layer 1 networks.

In the past seven days, BSC Chain has accumulated an average gas fee of $0.093 and a median gas fee of $0.034. Meanwhile, Ethereum’s average gas fee stands at $0.34 and its median gas fee is currently at $0.088. Avalanche’s (AVAX) average gas fee is reportedly lower than both BSC Chain and Ethereum, as it stands at $0.022. Avalanche’s median gas fee is measured at $0.002.

Based on Dune’s data, Solana (SOL) and Polygon (POL) boast the lowest gas fees compared to other Layer 1s, with Polygon’s average gas fee measured at $0.003 and its median gas fee at $0.001. Solana shares the same median gas fee rate as Polygon, with an average gas fee recorded at $0.019.