BNB Price Soars 43% on BEP 336 Upgrade News; Should You Buy?

Binance Coin (BNB) has skyrocketed by a whopping 43% this week, reaching $613, a level unseen since December 2021. This surge aligns with the unveiling of the “BEP 336 upgrade,” designed to enhance data storage and processing on the BNB Chain, drawing inspiration from Ethereum’s Dencun upgrade (EIP 4844).

What’s next for the token? Read on.

Introduction of the BEP 336

The BEP 336 upgrade brings forth “Blob-Carrying Transactions” (BlobTx), a pioneering concept that transforms how large data blocks are handled on the Binance Smart Chain (BSC). Blobs, temporary memory segments, efficiently manage data blocks up to 128 KB, streamlining transaction verification.

This innovative approach reduces network space usage, resulting in lower storage and gas costs for users, akin to the Ethereum Dencun upgrade.

Additionally, the BEP 336 upgrade introduces two new features: the Blob Market for regulated storage costs and the Precompile Contract for enhanced security.

Also Read: Dencun Upgrade Completed, Spot ETF Applications Underway: Ethereum Price May Outperform Bitcoin in 2024

A Strategic Rollout

The BSC outlined the strategy for BEP 336 integration, starting with the delivery of a testnet in April, followed by a magnet phase for further testing and optimization in May. Later, the Mainnet hard fork in June marks the official deployment, aimed at improving network quality and scalability.

The BEP 336 upgrade is poised to benefit developers and users within the BSC ecosystem by offering lower gas fees, increased blockchain flexibility, and improved network performance.

BNB Bulls on the Move!

Technical analysis suggests bullish momentum if Binance’s price surpasses the $631 resistance level, aiming for $675. Sustained stability at this level could drive the price towards $700.

With the announcement of BEP 336, Binance Coin (BNB) surged by 14% to $613, indicating the significant impact of this upgrade on the BNB ecosystem.