The layer-1 blockchain, Binance Chain, has teased a significant announcement scheduled for June 19. This comes after the successful implementation of the Luban hard fork upgrade, which introduced fast finality while enhancing security and transaction reliability.
On June 15, BNB Chain’s official Twitter account hinted at the upcoming launch of a Layer-2 blockchain solution. The teaser video suggests that this new development will be a high-performance Layer-2 ecosystem capable of high capacity, low-cost transaction processing, and a gas per second of 100 million.
The Luban network upgrade consists of three different Binance Smart Chain (BSC) Evolution Proposals (BEPs): BEP-126, BEP-174, and BEP-221. These proposals are designed to improve the network’s speed and security. By incorporating Fast Finality, BEP-126 makes block reorganizations almost impossible. This enhancement offers protection against double-spend and MEV reorg attacks, ensures irreversible transactions after confirmation, and streamlines operations for crypto exchanges and DeFi protocols.
Simultaneously, BNB’s price has been experiencing a decline, having fallen 6% in the last 24 hours and 12% in the past week. The current trading price stands at $233, with a 24-hour low and high of $231 and $249, respectively. Additionally, trading volume has dropped by 30% during the last 24 hours, highlighting a decreased interest among investors.
This price drop can be attributed to the legal pressure Binance is facing after the US SEC filed lawsuits against Binance, Binance.US, and CEO Changpeng “CZ” Zhao for fraud and violations of securities laws. Since then, BNB’s price has decreased by 25%.
A price analysis published by CoinGape Markets suggests that BNB’s price could be at risk of further decline. However, it is essential to consider market conditions while researching investments in cryptocurrencies. As the author and publication do not hold responsibility for personal financial losses, potential investors should stay informed and attentive to ongoing developments.
With the excitement surrounding the possible introduction of a Layer-2 blockchain solution, it will be interesting to see how this innovation could impact BNB Chain’s ecosystem and influence the market’s response. As the June 19 announcement approaches, the crypto community eagerly awaits further details about BNB Chain’s future developments.
Source: Coingape
