Binance will raise withdrawal fees

Binance will raise withdrawal fees

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Author: Robert Strickland
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Binance will raise withdrawal fees
The adjustment of fees is associated with the acceptance of the TRON community to change the mechanism for calculating transaction fees

Binance will increase withdrawal fees for tokens on the TRON network. According to the exchange announcement, the correction is connected with the fact that the TRON community voted for the change of the mechanism for calculating transaction fees - it was decided to introduce the dynamic energy model (Dynamic Energy Model).

The Dynamic Energy Model is a mechanism that will make the distribution of energy resources in the blockchain more "intelligent" and prevent the excessive concentration of network resources in a few contracts, according to the TRON developers' blog.

According to the project team, more than 85% of TRON's resource consumption is concentrated in just a few contracts and comes from low commission or even fraudulent transactions. This could hinder the growth of the application ecosystem (DApp), the developers say.

They explain that the bandwidth of the network is limited when it is filled with a large number of such transactions. Therefore, it was decided to introduce a new model that increases costs for transactions with low commissions without affecting other applications.

On the TRON network, all tokens comply with the TRC-20 standard. A single standard is needed so that tokens can interact freely with all decentralized applications on the network, eliminating the need to customize compatibility for each asset.

Many cryptocurrencies run on several different blockchains. For example, Tether (USDT) exists on the Ethereum blockchain, but because of the high fees on that network, users are more likely to use TRC-20 standard Tether because transaction fees are lower on that network.

Due to the innovation in the TRON blockchain, Binance will increase the commissions for the withdrawal of TRC-20 standard tokens. The withdrawal fee for USDT, USDC and TUSD stabelcoins will increase from 1 to 2.6 USDT, USDC and TUSD, respectively, BUSD stabelcoin - from 0.8 to 2.2 BUSD.

The withdrawal fee for Tron coin (TRX) will be 15 TRX ($0.9) instead of 1 TRX ($0.06). The fee for BitTorrent (BTTC), Just (JST), APENFT (NFT), Sun Token (SUN) and WINkLink (WIN) tokens will be set at 40 TRX ($2.4) in these cryptocurrencies. At the same time, the actual amount will vary depending on fluctuations in the price of tokens.

 

 

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