Binance Boss CZ Drops Bombshell: BSC Gas Fees Could Plummet 3x to 10x!

CZ's Twitter Tease Sparks Frenzy Among Crypto Traders

Holy smokes, folks! Changpeng 'CZ' Zhao, the mastermind behind Binance, just threw a curveball at the crypto world. In a sizzling X post on May 7, the former Binance CEO hinted at slashing BSC Chain gas fees by a whopping three to ten times their current rate. Can you believe it?

Right now, BSC Chain's average gas price is chilling at 2.163 Gwei, down a cool 3.91% from yesterday's 2.251 Gwei. And get this - compared to last year, BSC Chain's gas fee has taken a nosedive of 41.40% from 3.691 Gwei. Talk about a wild ride!

Now, for those of you scratching your heads, Gwei is the secret sauce that measures gas fees on BSC Chain, just like it does on Ethereum. It's the magic number that tells you how much it costs to get your transactions processed on the network. One Gwei is basically a tiny speck of BNB, coming in at around 0.000000001 BNB.

CZ didn't hold back, straight-up asking his followers, "Let's reduce BSC gas fees? by 3x, 10x?" Man, that's some serious talk right there!

But hold on to your hats, because the crypto community had some strong opinions. Some traders on X were like, "Yo, CZ, why not just ditch the gas fees altogether?" But our man CZ wasn't having it. He shot back, saying that zero gas fees would be a no-go, considering the network still needs to keep the validators and builders happy. "Lots of spam, and also need to consider validators and builders," he dropped like a mic.

On the flip side, plenty of traders were like, "BSC Chain's gas fees are already so low, what's the big deal?" And you know what? They might have a point. According to the brainiacs at Dune analytics, BSC Chain is rocking some of the lowest gas fees among all the Layer 1 networks out there.

In the last seven days, BSC Chain's been averaging a gas fee of $0.093 and a median of $0.034. Meanwhile, Ethereum's strutting around with an average of $0.34 and a median of $0.088. And Avalanche? They're coming in hot with an average of $0.022 and a median of just $0.002. It's like a gas fee showdown!

But wait, there's more! Dune's data shows that Solana and Polygon are the real gas fee champs, with Polygon's average sitting at a measly $0.003 and a median of $0.001. Solana's not far behind, matching Polygon's median and boasting an average of $0.019. It's a battle for the ages, folks!