March 25, 2023

If you thought Binance’s BNB smart chain was fast, you’d be in for a surprise. The network just received an important upgrade that will improve its speed and efficiency.

While many blockchains have been deploying major network upgrades, Binance has not been left behind. The BNB Smart Chain got a performance upgrade this week with the v1.1.12 upgrade. According to the official announcement, the upgrade will not only increase the speed, but also reduce the lower hardware requirements.

“It turns out that fast nodes can slow down storage growth by 60%~90% and improve synchronization efficiency by about 30% depending on the settings,” statement Binance via a press release.

The upgrade comes just days before the most anticipated development in the crypto industry, the Ethereum 2.0 merger. The announcement did not mention any adjustments to ETH 2.0 readiness. However, it does highlight some changes to the Go-Ethereum codebase.

Potential impact on BNB

The BNB Smart Chain upgrade may not have a direct, immediate impact on BNB’s demand or performance. However, efficiency gains may help the network remain competitive and support an improved user experience.

One of the potential impacts of the faster performance of the BNB smart chain is the utility speed of BNB. Its network speeds are currently at their lowest monthly levels, but this metric could be boosted by higher levels of network efficiency.

Source: Santiment

Another potential result of faster transactions is to improve the rolling daily circulation of BSC. This will manifest as a significant change in network circulation – NVT.

The latter has shown significant volatility over the past 30 days, but remains within the same range. Therefore, emphasize healthy activities.

Source: Santiment

At press time, BNB was trading at $283, a 42% discount to its ATH.

In many ways, this constitutes a relatively small drawdown compared to most top coins. This means that it has managed to retain its value. This is mainly due to its strong utility and demand from the web.

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