Claim $500Binance Raises Withdrawal Fees For Crypto Assets On Tron Network, Crypto Twitter Reacts
Crypto exchange Binance on Friday announced raising withdrawal fees for all major cryptocurrencies on the Tron (TRX) network.
The move comes after the Tron community passed Proposal 83 to change the energy charging mechanism in smart contracts to a dynamic energy model.
Binance Adjusts Tron Network Withdrawal Fees
According to an official announcement on February 10, Binance will be adjusting withdrawal fees on the Tron (TRX) Network based on Proposal 83 passed by the community last month.
As per Proposal 83, a mechanism to perform dynamic regulation of energy in contracts to balance the distribution of energy among contracts is introduced on the Tron network. The energy consumption of a contract will adjust dynamically according to its execution resource usage.
Almost 85% of the current Tron network’s CPU execution time is concentrated on a few contracts and some are low-value or even fraudulent ones. Thus, the dynamic energy model increases the transaction cost of low-value and fraudulent transactions without affecting other dApps.
The withdrawal fee for stablecoins such as USDT, USDC, and TUSD is more than doubled to 2.6. However, BUSD stablecoin now has a withdrawal fee of 2.2, as compared to 0.8 BUSD before adjustment.
TRX withdrawal fee increases from 1 to 15 TRX. Meanwhile, other crypto assets on the Tron network such as BTTC, JST, NFT, SUN, and WIN have withdrawal fees of an equivalent of 40 TRX.
Will It Impact the Trading Volume of Tron Tokens?
The increase in withdrawal fees on the Tron network can greatly impact the trading volume of crypto tokens on Tron. It may likely have an impact on the prices too. Crypto Twitter is disappointed with Tron moving in the opposite direction to its aim to eliminate fees and create easiness.
TRX price is currently trading at $0.06308, down over 3% in the last 24 hours.
Also Read: Binance Upgrades Proof Of Reserves System, Adds Shiba Inu And Solana
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