Binance announced a suspension of deposits and withdrawals from its Binance Smart Chain (BSC) network.

The issue was attributed to a node issue – the team has estimated a fix within the hour.

The exchange announced scheduled wallet maintenance to occur at 07:00 UTC on March 30. It was estimated to take two hours to complete — with deposits and withdrawals suspended during this time.

A further announcement was released at approximately 09:52 UTC, detailing “a node issue,” extending the downtime. The firm added that deposits and withdrawals would reopen once maintenance has been completed.

“The ongoing wallet maintenance for BNB Smart Chain (BEP20) will be extended by approximately 1.5 hours to 2023-03-30 11:00 (UTC). Binance is working actively to complete the maintenance as quickly as possible.”

Binance under fire

On March 27, the Commodities Futures Trading Commission (CFTC) filed an enforcement action against Binance over charges of operating an illegal exchange.

CEO Changpeng Zhao (CZ) said he was surprised by the move as the company had been working with the regulator over the last two years. He disagreed with the lawsuit, citing “an incomplete recitation of facts.”

#Binance #bsc #crypto2023 #cryptotrading #crypto

AUTHOR:
MARCO MUSUMECI D'AGATA
Financial journalist, expert in decentralized DeFi systems.
NEWS 03/17/2024 - 7:37 p.m.
A Bitkoin is a cryptocurrency created on a very secure, decentralized blockchain network with transaction costs of just a few cents. Additionally, participating in the Bitkoin pre-sale only costs $2.5.
In a world where everything seems to have already been explored, sometimes genius emerges at the hands of anonymous people. We are referring to a 46-year-old space engineer who says his name is Zhao Nakamoto, and he is the young brother of Satoshi Nakamoto himself (creator of Bitcoin).

Layer 2 scaling solutions have revolutionized the space with faster and cheaper transactions, as well as increased scalability and improved privacy and security.

In a bid to increase its competitiveness against rival blockchain networks, a proposal has been submitted that aims to adopt a lower transaction fee cost on Binance Smart Chain (BSC).

BSC Proposal

The proposal, submitted on March 28th, highlighted the need for a more adaptive transaction cost distribution on the BSC network with a more flexible transaction fee structure in a bid to ensure efficient block utilization and attract new users. It further stated that such an approach would help sustain the BNB economy while enhancing BSC’s position in the market, especially in the multichain strategy laid down in its roadmap.

According to the proposal, BSC’s high gas fees have impeded the network activity and claimed that the utilization of around 15-20% could aggravate if the gas fee is left unchecked.

“BSC transaction costs are currently set at a relatively high fixed rate of 5 gwei, which may not be as appealing to users as the more affordable fees provided by L2 solutions outside of the BSC ecosystem. This will ensure the existing and future BNB Chain L2 solutions remain competitive and keep attractive users in the ecosystem.”

The proposition for the BSC validators is to allow users to choose fees below the current 5 gwei rate, with options to go as low as 3 or 4 gwei, depending on their financial needs. This approach, as per the user, “would make BSC L1 more attractive than other ecosystems’ L2 solutions and provide a competitive advantage for potential BSC L2 solutions ( BSC L2 should have a target of < 0.005$/tx.”

In addition to the high transaction volume on BSC, which would serve as a strong financial incentive to participate as validators, the approach is also expected to enhance sustainability, attract new users, and optimize block utilization to the network.

Binance Smart Chain Hacks

In a recently rolled out roadmap, BSC said the focus in 2023 will be the EVM compatibility and mainnet launch of its new layer 2 infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure. The blockchain also intends to increase its throughput from 140 million gas limit and 2,200 TPS to 300 million gas limit and 5,000 TPS.

Meanwhile, the daily transactions on BSC have increased by nearly 60% since the beginning of this year, from 2.46 million to 3.89 million as of March 29th. Despite the notable rise, BSC has suffered significant disruptions in 2022.

The network operations were temporarily halted following a $600 million hack in October. Several decentralized finance protocols housing on the network also witnessed hacks throughout the year. This included Uranium Finance, Spartan Protocol, Meerkat Finance, etc.

#bsc #Binance #crypto2023 #crypto #BTC