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Solana Breaks $200: Targets Set for Explosive Growth

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Continuing its impressive momentum, Solana’s popularity has soared to new heights. According to the latest data from Google Trends, the search popularity of the word Solana has hit 100, signifying the highest level of interest for this specific search term. Not only that, SOL’s ascent to the top of the popularity index has set a new precedent in the blockchain’s 5-year history. So far, the layer-1 network recorded the second-highest search popularity of 84 in early September 2021.

This came as the price broke past the $200 level. In an arena frequently dominated by meme coins, SOL’s entry has boosted the altcoin troupe. Since hitting bottom in Dec. 2022, the token’s value has been soaring and has risen nearly twenty times from its lowest low, per market analyst Negentropic.

Based on Fib levels, a technical indicator that identifies potential areas of support and resistance in a price trend, Negentropic suggests a sustained upward movement in the price action. The Fib levels mentioned here are price targets 268, 427, and 686.

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Solana Breaks $200: Targets Set for Explosive Growth 2

Solana recently flipped BNB to  become the 4th largest cryptocurrency in the world by market value. What makes this revelation even more intriguing is how SOL outpaced its cryptocurrency counterparts. Solana’s activity, specifically non-voting user transactions, surpassed that of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche collectively.

This remarkable milestone highlights Solana’s growing prominence and widespread adoption in the blockchain space. Recent data from The Block’s dashboard also highlighted the record-high surge in the wallet address.

Solana’s Meme Coin Sensation

Meanwhile, Solana’s newest memecoin star, Dogwifhat [WIF], made a grand appearance on the famous Vegas Sphere after successfully raising $681k in just three days. WIF’s price and market cap have grown at an exponential rate, with more investors and traders betting on the token’s popularity. The price reached an all-time high, making it the largest meme coin on the Solana blockchain.

WIF’s rapid ascent has sparked conversations about its evolving beyond the realm of meme-based cryptocurrency and transitioning into a more serious contender in the world of alternative digital assets, or altcoins. The frenzy has reached fever heights particularly with the latest update revealing that the original photo of Dogwifhat, featuring Achi the dog, sold for 1,210 ETH [$4.3 million+].

$10M Nightmare : Solana’s Slerf Plunges Investors into Chaos

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In the volatile world of cryptocurrency, a new Solana-based meme coin, Slerf, has made headlines for all the wrong reasons. In a shocking turn of events, the project’s developer accidentally burnt a major portion of the token supply, resulting in the loss of a staggering $10 million, leaving presale participants reeling.

The admission of error came through a candid message from the project’s official account, causing uproar among investors. “Guys, I f—ed up,” the message read, outlining the irreversible nature of the mistake. The team’s subsequent appearance on an X Space only intensified the drama, with one member expressing profound remorse and disbelief at the situation.

Despite the calamity, the price of SLERF skyrocketed by approximately 242% within hours of the news breaking. Speculation ran wild in X Spaces, with some advocating for a push towards a $1 billion valuation. Meanwhile, traders capitalized on the chaos, with one individual reportedly pocketing over $3 million in just 12 minutes of trading.

This incident underscores the risks inherent in the burgeoning world of Solana-based meme coins. With a weekend marked by frenzied presales and massive funding injections, it’s clear that caution is paramount in navigating this volatile landscape. As investors assess the fallout of Slerf’s misfortune, the broader cryptocurrency community remains on edge, wary of similar pitfalls lurking in the shadows.

Solana’s Daily Volume Soars

Solana (SOL) has displayed resilience amidst a broader market downturn. While Bitcoin and Ethereum faltered, SOL weathered a dip from $186 to $165 before swiftly rebounding. Currently trading at $206.75, SOL boasts a daily volume of $10.81 billion and a market cap of $92.05 billion.

Over the past three days, SOL surged by 6.59%, and over a week, it saw a remarkable 37.91% gain. Rekt Capital highlights SOL’s recent breakthrough above a crucial resistance level, emphasizing the need to solidify it as support for sustained growth. Historical data reveals challenges at this resistance point, marked in blue, with bullish momentum seen upon exceeding it in weekly closes, as reported by TWJ.

Breaking past this barrier is essential for SOL’s ascent beyond $200. Investors keenly monitor SOL’s performance against this backdrop, underscoring its pivotal role in shaping future price movements. As SOL navigates these challenges, its resilience underscores its potential for further expansion in the cryptocurrency landscape.

Bitcoin Bears Retreat As Bulls Reload For Potential $150K Upside

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The notoriously volatile crypto markets lived up to their rocky reputation this past weekend, with Bitcoin plunging to lows around $64,500 before buyers regained their footing. The dramatic dip had traders bracing for further downside, but the market swiftly regained its bullish momentum, pushing BTC back above $67,000 as the trading week kicked off.

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CoinMarketcap: Weekly Chart

While double-digit intraday drawdowns would send most asset classes into a tailspin, crypto investors have grown accustomed to these turbulent waters. In fact, a report from QCP indicates the sell-off was met with heavy put option selling, suggesting the fear that had gripped the market was short-lived as opportunistic dip buyers emerged.

More telling is the continued demand for upside call options expiring in September and December, with strike prices as high as $100,000 to $150,000 being actively purchased. This dynamic points to a strong undercurrent of bullish sentiment that remains unwavering despite BTC’s inability to reclaim its all-time highs in the $69,000 range.

Bitcoin vs. Ethereum: Diverging Paths

However, while Bitcoin’s long-term trajectory appears skewed to the upside based on derivatives dynamics, the same cannot be said for Ethereum and the altcoin space more broadly. QCP’s report indicates Ether’s perpetual futures funding rates have dipped into negative territory, while risk reversals show a clear bias toward downside protection.

This divergence between Bitcoin and Ethereum is notable given the booming “altcoin season” taking place across the broader crypto market. While projects like Solana, Cardano, and Avalanche have been hitting fresh highs, trader positioning suggests the market is cautious about potential adverse events for Ethereum that could derail its recent ascent.

This market dynamics can continue to be strategically positioned for those who are interested. Such structured products like Unconditional Fixed Coupon Convertibles (UFCC) on Bitcoin may be a fascinating alternative for them. In these products, the upside exposure of call options is combined with income generation from selling puts while at the same time capping maximum downside losses.

One such UFCC structure being quoted offers a juicy 38% annualized yield paid weekly, while providing full principal protection down to $50,250 in BTC. Only if Bitcoin plunges below that strike upon expiry in December 2024 would the principal convert into the cryptocurrency at a rate of $60,300.

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Source: QCP’s report

As the tug-of-war between fear and greed wages on, derivative traders are voting decisively bullish on Bitcoin’s long-term trajectory while remaining skeptical of Ethereum’s staying power. Innovative products like UFCCs offer a unique way to traverse these cross-currents.

Related Reading | Cardano & World Mobile Alliance Stand Strong

Solana (SOL) Could Reach $1 Trillion Market Valuation, Claims Crypto Expert

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According to crypto expert Joe McCann, the Solana blockchain has the potential to reach a staggering $1 trillion market capitalization. In a recent analysis, McCann outlined his bullish case for why Solana (SOL) could eventually surpass Ethereum to become the preeminent blockchain for retail users and traders.

McCann argues that Ethereum, while a revolutionary project, was not designed with a focus on retail user experience. He claims the base Ethereum layer is too slow and expensive for most retail users, while layer-2 scaling solutions suffer from fragmented liquidity and overly complex onboarding processes. 

While major crypto exchange Coinbase is developing an Ethereum layer-2 solution called Base, McCann believes liquidity fragmentation across numerous layer-2 networks will remain an issue. He draws parallels to other corporate open-source projects like Google’s Chromium and Facebook’s React, noting they often prioritize revenue growth over wider adoption.

In contrast, Solana was originally touted as offering “Nasdaq-level” throughput and low latency. However, its institutional narrative failed to gain traction. That is, until the rise of memecoins and speculative crypto trading. 

Solana’s Niche: Memecoins & Day Trading Dominance

According to McCann, Solana has found a clear product-market fit by becoming the predominant blockchain for memecoins and day traders. Projects like Bonk and Weed Inu Coin are driving exploding volumes on Solana. User-friendly trading bots have enabled the “Robinhood-ification” of Solana, allowing retail speculators to seamlessly buy into the latest memecoin crazes with a simple tap.

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Currently, Solana is consistently surpassing Ethereum in total decentralized exchange trading volumes. Yet its $115 billion market cap and $200 SOL token price remain just a fraction of Ethereum’s nearly $500 billion valuation.

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McCann believes this gap represents a massive opportunity. If the network cements its position as the go-to blockchain for retail, he argues a $1 trillion market cap is reasonable – requiring just 10x from current levels compared to Ethereum’s 2x. 

Whether Solana can successfully on-ramp millions of retail users remains to be seen. However, the rise of memecoins and speculative day trading has clearly provided fertile ground for this high-throughput blockchain to flourish. All eyes are now on the “fastest horse” in this race to win over retail crypto traders.

Related Reading | Cardano & World Mobile Alliance Stand Strong

El Salvador Fortifies Bitcoin Reserves with $400 Million Cold Wallet Transfer

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President Nayib Bukele has reaffirmed El Salvador’s unwavering commitment to Bitcoin by announcing the country will continue purchasing one Bitcoin per day until the cryptocurrency can no longer be acquired with legal tender. This latest proclamation solidifies El Salvador’s position as a pioneering nation in embracing digital assets.

The consecutive daily Bitcoin purchases have already swelled El Salvador’s reserves to an impressive 5,689 BTC, according to Bukele’s social media updates. This total far exceeds previous estimates of around 2,864 BTC held in the government’s treasury, with the additional coins acquired through various initiatives like the passport program, mining operations, and conversions for local businesses.

In a strategic move to fortify the security of these digital holdings, President Bukele disclosed plans to transfer a significant portion of El Salvador’s BTC assets, valued at approximately $400 million, to an offline device stored in a physical vault within the country’s borders.

This decision underscores the administration’s commitment to safeguarding its cryptocurrency investments for the long term. While the exact motivations behind the cold storage transfer remain unclear, the transparency exhibited by Bukele regarding the nation’s Bitcoin endeavours has garnered praise from the community.

El Salvador’s Bitcoin Trailblazing Amid IMF Criticism

El Salvador’s daring adoption of Bitcoin as legal tender in September 2021 marked an unprecedented global milestone. Despite facing criticism and warnings of economic turmoil from institutions like the International Monetary Fund (IMF), with whom negotiations for financial assistance are ongoing, the Central American nation has resolutely pushed forward with its crypto ambitions.

According to on-chain data from explorers, the initial transfer of over 5,698 BTC to the cold wallet reportedly originated from various sources, including around 1,129 BTC from multisig signatories and an additional 4,000 BTC transferred on March 14th.

As the FOMO surrounding Ordinals inscriptions on the Bitcoin blockchain continues to captivate enthusiasts worldwide, El Salvador’s steadfast commitment to accumulating and securing its Bitcoin reserves solidifies its position as a trailblazer in the realm of state-level digital asset adoption.

Related Reading | Grayscale Pushes Ethereum Trust ETF Uplisting Amidst Regulatory Scrutiny

Cardano (ADA) Faces Downturn Despite Rising Optimism – Analyst Forecasts Surge to $5

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Cardano (ADA), one of the leading cryptocurrencies by market capitalization, has recently experienced a downturn after hitting its recent high at $0.80. Despite this temporary setback, there is a lot of expectation among investors about ADA’s price going up significantly.

This optimism has been fueled by the insightful analysis provided by crypto analyst Ali Martinez. Martinez linked current ADA market behavior to trends seen between 2018 and 2021 and thus suggested how the cryptocurrency’s prices may go.

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According to Martinez’s analysis, if the fractal pattern repeats itself, ADA will be in the consolidation phase within $0.55-0.80 for the next few weeks before it surges up to $1.70. Then another period of consolidation would follow which might allow it break out towards $5 range.

Cardano (ADA) Short-term Price Forecast

As of the latest update, the current price of Cardano (ADA) stands at $0.666439. The 24-hour trading volume reached $2.89 billion, and the market capitalization is $22.54 billion. Over the past day, ADA has seen a decrease of -6.08%; over the past week, it has experienced a 10.12% decline.

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Cardano (ADA) 7-Day Chart | Source: CoinMarketcap

Insights from Changelly suggest that Cardano’s price is anticipated to experience a slight decline of approximately 2.43%, possibly reaching its lowest point by March 18, 2024. The current analysis of technical indicators indicates a predominantly Bearish market sentiment, with only 13% showing signs of Bullish sentiment. Additionally, the Fear & Greed Index stands at 81, reflecting extreme Greed among investors.

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Cardano (ADA) Faces Downturn Despite Rising Optimism - Analyst Forecasts Surge to $5 10

In light of Cardano’s price movements at the start of 2023, crypto experts predict an average ADA rate of $0.723 by March 2024. The minimum and maximum borders for the possible range may oscillate between $0.664 and $0.782, respectively.

Consequently, this would give a projected Return on Investment (ROI) of about 9.5%. Despite short-term headwinds, overall market sentiment on Cardano is still positive as investors track its every move, hoping for gains in the digital currency.

Related Reading |  Grayscale Pushes Ethereum Trust ETF Uplisting Amidst Regulatory Scrutiny

Solana (SOL) Strong Performance Sets Stage for New ATH in March; Analyst Eyes $305

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Solana (SOL) has shown remarkable grit and determination to remain afloat through a major market slump. While both Bitcoin and Ethereum witnessed sharp declines, with Bitcoin plummeting from its all-time high to $65,000 and Ethereum retracing to $3,571, SOL experienced a dip from its peak of $186 to a low of $165 before swiftly regaining momentum and rebounding.

At the time of writing, Solana trades at $178.11, with a daily volume record of around $28.06 billion and a market capitalization of $79.01 billion. In this past day, the SOL price increased by 5.58%, whereas over one week, it has gained as much as 22%. This perseverance and impressive performance showcase how strong SOL is in relation to other cryptocurrencies.

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Solana (SOL) 7-Day Chart | Source: CoinMarketcap

Rekt Capital, a crypto analyst, pointed out that Solana (SOL) has recently moved above an important resistance region but must take it back as support to establish its upward path. The analyst drew attention to historical data, which showed rejection when this resistance level represented by blue color was hit, although he also noted bullish moves as weekly closes on SOL exceeded this threshold.

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However, it will be crucial to observe the next weekly closes to determine if SOL can have a continuation of its uptrend. It is vital that Solana breaks out of this barrier pictured as blue to go past $200.

This analysis demonstrates why this resistance level is significant for SOL’s future price movements and potential for more expansion. Investors and traders will accordingly watch how SOL manages itself regarding these levels during the forthcoming weeks.

Solana (SOL) Will Surpass Previous ATH in March

Changelly’s technical indicators are signaling a bullish market sentiment of 84% for Solana, indicating a strong positive outlook among traders and investors. Additionally, the Fear & Greed Index, with a score of 88, reflects extreme greed in the market, suggesting heightened enthusiasm and optimism regarding SOL’s prospects.

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Solana (SOL) Strong Performance Sets Stage for New ATH in March; Analyst Eyes $305 14

Drawing from the analysis of price fluctuations observed at the beginning of 2023, cryptocurrency analysts have projected that by March 2024, the average rate of Solana (SOL) could reach around $236.44. This projection is based on past market performance and trends.

Moreover, experts predict that the SOL will hit a low of $167.41 while its maximum price may increase to $305.46. These estimates give a range for SOL’s price movement, which can fluctuate depending on market forces and variables that influence digital asset valuations.

In light of these estimates, Solana can boast an impressive potential Return on Investment (ROI) at 78.9%. This percentage value denotes how much investors would gain in terms of appreciation if SOL prices corresponded with the expected averages plus peak prices during this period.

Related Reading |  Shiba Inu (SHIB) Analysis: Consolidation Ahead Amid Bearish Signals 

Crypto Market Overheating? High Leverage Levels Signal Potential Correction Ahead

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The cryptocurrency markets may be entering overheated territory, with leverage levels across both centralized and decentralized finance platforms hitting worrying highs. According to Lucas, the Head of Research at IntoTheBlock, this concerning trend could potentially set the stage for a significant market correction in the coming weeks or months.

Warning Signs In The Crypto Market

However, what is more striking is that meme tokens are not the only ones with a sudden surge in value; even large-cap assets have seen an increase in leverage relatively fast. This pattern is visible in the derivatives market, where long positions have reached their highest prices since 2021.

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For instance, the amount that buyers of Bitcoin perpetual swaps pay to those going short is at its highest since October 2021. Specifically, funding rates on Binance and Bybit reached staggering levels of 0.06% and 0.09% recently, paid every 8 hours. These fees translate to an annualized cost of 93% and 168%, respectively, to go long on Bitcoin. Such abnormally high funding rates indicate a market heavily skewed towards the long side despite the potential for ETF inflows to temporarily buoy spot prices.

However, the high leverage extends beyond centralized exchanges, as loans on DeFi platforms have also rapidly accelerated. Indeed, the aggregate amount of debt issued through Aave v3 on Ethereum has more than doubled year-to-date in 2024. As Bitcoin reaches new all-time highs, crypto investors have begun seeking leverage against their holdings, with the amount of wrapped Bitcoin (WBTC) supplied to Aave increasing by more than 10,000 BTC (approximately $700 million) so far this year.

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Consequently, as demand for leverage has significantly increased, so have rates in DeFi. Users lending their assets to lending protocols are being handsomely rewarded for the market’s increased appetite for leverage, with some protocols offering annual percentage yields (APYs) exceeding 15% for supplying stablecoins.

While the resilience of today’s market, sustained by continuous spot ETF inflows, cannot be understated, the high borrow costs exhibited in both derivatives and DeFi could precipitate short-term pain for crypto markets. If markets eventually stop rallying, leveraged long positions begin to lose due to borrowing costs, potentially forcing many traders to sell their positions. This could lead to a significant correction as the amount of leverage in the system gets reset.

Although it is difficult to predict precisely when such a correction might occur, the increasingly high borrowing costs should serve as a cautionary signal for crypto investors. Historical precedent offers a sobering lesson – in early 2021, funding rates remained elevated for several months before a violent, leverage-driven unwinding sparked a 55% price crash across crypto markets in the second quarter. While this year’s rally has been buoyed by sustained institutional inflows, any slowdown in that momentum could expose the overleveraged market to significant downside risks.

Related Reading | Bitcoin ETFs Witness Unprecedented Demand, Fueling Price Speculation

Vechain (VET) Facing Hurdles Towards Profitable Channels

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VeChain (VET) faces obstacles on its way to a breakthrough. However, VET has shown resilience despite recent hurdles that saw it rise 36% over the last month. Nonetheless, it lost momentum in the preceding week, recording just a slight upturn of 0.23%.

As of the current writing, VeChain is valued at $0.047785, with a 24-hour trading volume reaching $151.62 million and a market capitalization of $3.47 billion. Over the last 24 hours, the price of VET has experienced a decline of 3.30%.

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Source: CoinMarketcap

Vechain’s Resistance & Profit Opportunities: Analyst Insights

Renowned crypto analyst Crypto Yapper has shed light on VeChain’s current situation by emphasizing its rejection at the upper trend line. This particular rejection indicates a remarkable resistance that VET could not break, indicating difficulty in surpassing this level of price action.

In light of this resistance, Yapper makes it clear that the majority of the community wants to see a breakthrough beyond it for VeChain, which will affirm strong bullish views and probably result in considerable upward price action. However, Yapper warns that such breakthroughs may take some time as investors should wait for a better timing.

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Crypto Yapper however sees positives on VeChain’s overall direction despite its current setback noting an uptrend pattern. In essence, these means there might be short-term barriers along the way for VeChain; nevertheless, it also suggests that broad momentum remains positive for it hence setting off conditions for potential growth and market expansion.

Furthermore, EGRAG CRYPTO, a prominent crypto analyst, has provided valuable insights into the trajectory of VET’s price movement, employing the Yellow-Blue-Green (YBG) framework. In the Yellow Channel, VET finds itself amidst a battleground where bulls are fiercely contending to secure a close above. Should they succeed, VET is anticipated to experience a notable surge towards the Blue Channel.

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Transitioning to the Blue Channel marks a pivotal phase for VET’s price action. Remaining within this channel and consolidating gains is viewed as a bullish indicator. Even being rejected from this channel and retesting the Yellow Channel is deemed bullish, albeit extremely bullish (BullishAF).

Finally, within the Green Channel, EGRAG CRYPTO identifies various profit-taking opportunities. Whether VET touches, closes inside, or achieves a close above this channel, each instance presents a potential point for profit realization according to their analysis.

Related Reading | Ethereum Upgrade: 100x Cheaper, But At What Cost? 

BNB Smart Chain Introducing BEP 336 & The Era Of Blob-Carrying Transactions

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There’s a big upgrade on the way for the BNB Smart Chain (BSC) network called BEP 336. This new system is modeled after Ethereum‘s EIP 4844 plan. The main goal is to make data storage and processing on the blockchain more efficient. By improving these core functions, BEP 336 aims to significantly reduce transaction fees while also boosting overall network performance.

The key part of BEP 336 is something called “Blob-Carrying Transactions” (BlobTx). These are special transactions that carry “blobs” of data up to 128KB in size. Rather than checking each transaction one by one, the network only needs to verify that the attached blob data is accurate. This streamlined approach will be very helpful for opBNB, which is BSC’s layer 2 scaling solution. Right now, opBNB uses BSC for data storage while taking advantage of its strong security.

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But BEP 336 doesn’t stop at just blobs. It has three main components working together: the Blob Market (which adjusts blob storage/transfer costs based on demand), a Verification Contract (to confirm blob data is correct), and a flexible fee system with set limits to keep costs reasonable.

While inspired by Ethereum’s plan, BEP 336 has been specially designed for BSC’s unique setup. A key difference is a custom blob transfer method to integrate properly with BSC’s architecture. Also, unlike Ethereum, BNB Chain won’t “burn” base fees for blobs since it has its own fee-burning approach.

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Rollout Strategy For BNB Smart Chain

The rollout strategy is already mapped out. It starts with a testnet release in April so developers can test BEP 336. Then in May is the “Magnet” phase for further testing and optimizations. Finally, the mainnet hard fork in June will officially activate BEP 336 across the entire BSC network.

This upgrade brings many potential benefits. Lower fees and better data handling will make BSC much more accessible to everyday users and developers alike. The temporary blob storage ensures the blockchain stays lean without excess bloat, improving overall performance.

But BEP 336 is just the start of BNB Chain’s big plans for 2024. Other initiatives include optimizations for better transaction scaling, customized layer 2 solutions for large apps, and data storage improvements for opBNB. All of these are aimed at creating an extremely high-performance blockchain system ready for the future.