Cryptocurrency exchange Binance has revised the fee structure for withdrawing assets on the Tron (TRX) network following the adoption of a new transaction fee model in the latter.
#Binance will adjust the TRON Network Withdrawal Fees.
This adjustment is in line with the latest proposal passed by the TRX community to change the energy charging mechanism to a dynamic energy model.
More info here ⤵️https://t.co/O7rffAWttr
— Binance (@binance) February 10, 2023
After “receiving feedback from the community” Binance returned fees for withdrawing assets in the Tron network to previous levels.
Supported by validators February 5 offer #83 involves the introduction of a mechanism for dynamic calculation of commissions based on a variable that takes into account the final energy consumption of contracts. The solution is designed to increase the cost of “low-value and fraudulent transactions” to maintain the stability of the network and the development of the ecosystem.
Binance has published the following Tron blockchain withdrawal fee changes (before and after the adjustment):
For the native token of the TRX network, the fee will increase by 15 times, for stablecoins – by about 1.5 times. For the withdrawal of BTTC, JST, NFT, SUN and WIN, the fee will be 40 TRX (~$2.5) in equivalent.
According to journalist Colin Wu, other exchanges and platforms will follow Binance’s example.
Other exchanges will also follow Binance, raising fees for trc20 and TRX networks.
— Wu Blockchain (@WuBlockchain) February 10, 2023
On February 6, the Trust Wallet crypto wallet team announced the suspension of TRC-20 USDT withdrawals. Binance acquired the app provider in 2018.
Recall that from February 8, the exchange stopped bank transfers in US dollars. This came after its partner, Signature Bank, announced that it would stop servicing Binance users’ SWIFT payments below $100,000.
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