Binance Chain transaction fees
Binance Chain is a blockchain network that allows users to trade and trade BNB and other BEP-2 tokens. Users can also create and distribute their own tokens. Binance Chain uses a consensus mechanism called Delegated Proof of Stake. So, Binance Chain has validators instead of miners.
Binance Chain also forms the basis of Binance Dex (decentralized exchange), where users can buy and sell crypto assets directly from their own wallets. Transaction fees on Binance Chain and DEX are paid in BNB.
It should also be noted that Binance Chain and Binance Smart Chain are two different blockchains. For more information, you can read our Binance Smart Chain (BSC) article.
How are Binance Chain transaction fees calculated?
You have to pay an amount in BNB according to the fee table according to the transaction you want to make. The transaction fees paid for transactions such as sending BNB and the commissions paid for trading on Binance DEX are different. Also, the total cost of a transaction may rise or fall depending on the market price of BNB.
When making non-trading transactions such as withdrawing or depositing BNB to a wallet, fees can only be paid in BNB. Trading commissions on Binance DEX can be paid with the traded token, but there is a discount when BNB is used. This structure encourages the use of BNB and enables the BNB user base to expand.
Binance Smart Chain transaction fees
Binance Smart Chain (BSC) is another blockchain built by Binance and works in parallel with Binance Chain (i.e. they are two different networks). BNB on Binance Chain is a BEP-2 token and BNB on BSC is BEP-20 token.
Binance Smart Chain can be further personalized as it allows the creation of smart contracts. BSC's fee table is not fixed like that of Binance Chain. Instead, a gas system (similar to Ethereum) is used that reflects the computational power required to perform transactions and smart contract activities.
The BSC network uses a Proof of Staked Authority consensus mechanism. To become a validator, network users must stake BNB, and validators receive transaction fees on blocks after they successfully validate them.
How are Binance Smart Chain transaction fees calculated?
As we mentioned earlier, the BSC fee structure is very similar to that in Ethereum. Transaction fees are paid in Gwei, which is equivalent to 0.000000001 BNB. Users can set the gas price they will pay for their transactions to be included in the block with priority.
To see the current and historical average gas prices, you can visit BscScan, which shows the lowest and highest prices paid, as well as the daily average. The average wage in BSC as of March 2021 is around 13 Gwei.
In the example below, the gas price is 10 Gwei. The gas limit was set at 622,732 Gwei, but only 352,755 (52.31%) Gwei was used in this transaction, resulting in a transaction fee of 0.00325755 BNB.
BSC fees are usually very low, but if you try to send tokens when you don't have enough BNB in your account, the network will warn you that you have insufficient funds. It's important to have extra BNB in your wallet to pay for transaction fees.