Why Binance (BNB) Price Surged More Than 40% Today?

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BNB, the token powering the BNB Chain has experienced a remarkable surge of over 43% this week, hovering at $613 which was last seen in Dec 2021. This surge coincides with the announcement of the “BEP 336 upgrade,” aimed at optimizing data storage and processing on the BNB Chain, inspired by Ethereum’s Dencun upgrade (EIP 4844).

Introduction of BEP 336 upgrade

The BEP 336 upgrade introduces “Blob-Carrying Transactions” (BlobTx), a groundbreaking concept altering the handling of large data blocks on the Binance Smart Chain (BSC). Blobs, temporary and cost-effective memory segments, efficiently capture data blocks up to 128 KB, streamlining transaction verification. 

This new approach reduces network space consumption, offering users lower storage costs and more affordable gas costs, similar to the Ethereum Dencun upgrade.  

BEP 336 upgrade also adds two new features, the first is the Blob Market for regulated storage costs and the second is the introduction of a Precompile Contract for security purposes. 

Roadmap for BEP 336 Integration

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.

Meanwhile, the development of the BEP 336 upgrade is poised to greatly benefit developers and users of the BSC ecosystem. It promises lower gas fees, blockchain flexibility, and improved network performance, making BSC more accessible to developers and newcomers.

Where is BNB Price Heading?

According to technical analysis, a bullish move will be seen if Binance’s price crosses the $631 resistance level, which will test the upper resistance at $675. Continued holding at this level could push the face value to $700.

However, with the announcement of BEP 336, the price of Binance Coin (BNB) surged more than 14%, to $613.