Crypto Exchange Has Good News For TRON Users
2 min read
Binance, the biggest cryptocurrency exchange by trading volume, declared on Saturday that it had returned withdrawal limits on the Tron network back to their original levels in accordance with community suggestions. Prior to this, Binance had announced an increase in fees after a decision by the Tron DAO to change the energy billing system employed on the network.
Binance Lowers TRON Fees
Binance, a centralized exchange, has partnered with the Tron project team to address the issue of high withdrawal fees on the network and enhance the user experience. The exchange announced an increase in fees following the Tron community’s vote to switch to a dynamic energy model for energy charging on the network. This change was made to create a more fair distribution of network resources and prevent over-concentration on certain contracts. However, it resulted in a 15-fold increase in the cost of withdrawing TRX and more than double the cost of withdrawing USDT.
Justin Sun, founder of the Tron network, stated in a recent statement that the company remains dedicated to creating a network that is efficient, fast, and secure. The switch to a dynamic energy charging model led to the adjustment of fees for withdrawals on the Tron network by Binance. Sun also mentioned that he is working with Binance to reduce these fees.
We are working closely with #Binance and actively exploring solutions that would reduce withdrawal fees of #TRON stablecoins and tokens on the exchange.
We remain committed to making crypto trading more affordable for everyone.
— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) February 11, 2023
TRON’s Dynamic Energy Charging
In accordance with Proposal 83, the Tron network introduced a dynamic energy regulation mechanism aimed at ensuring a more equitable distribution of energy among contracts. The amount of energy required to execute a contract will now be dynamically adjusted based on the number of resources utilized.
Currently, a significant portion of CPU time on the Tron network is being consumed by a few contracts, some of which have low value or have been proven to be fraudulent. The dynamic energy model makes it more costly for these transactions to occur, while having no effect on other dApps.
As per the latest update from Binance, the withdrawal fees for USDT, USDC, TUSD remain unchanged at a value of 1 US dollar. The fee for BUSD is set at 0.8 BUSD. Additionally, the fee for the TRON token has been reduced from 15 to 1 TRX.
The information provided may reflect the personal views of the writer and is subject to market fluctuations. It is recommended to conduct thorough market research before making any investment in cryptocurrencies. Neither the author nor the publication can be held liable for any financial losses you may incur.
