【Press Release – Dubai, UAE, June 26, 2024】
BNB Chain, a community-driven blockchain ecosystem including the world’s largest smart contract blockchain, has announced the proposal of BEP-341: Governance-Enabled Continuous Block Production. This proposed enhancement aims to significantly improve the transaction processing capacity of the BNB Smart Chain (BSC) by allowing validators to produce continuous blocks. The BEP-341 proposal has been released on the BNB Chain forum for community discussion and input.
BEP-341 aims to empower validators to produce continuous blocks, optimizing the transaction throughput and block production efficiency on the BNB Smart Chain. While this enhancement may increase the blockchain’s capacity, it also introduces risks such as Miner Extractable Value (MEV) abuse. To address these risks, BEP-341 introduces adjustable governance parameters aimed at balancing performance improvements with crucial security measures. Key features include:
– Adjusting the number (n) of continuous blocks each validator can produce in one epoch. Initially set at 1, this value can range from 1 to 9 (excluding 2), with changes requiring governance approval.
– Implementing a parameter to increase the cost of MEV abuse. To prevent MEV extraction during continuous block production, BEP-341 distributes transaction fees to the SystemRewardContract, linearly related to the number of blocks, with a cap at systemRewardAntiMEVRatio. The initial setting for systemRewardAntiMEVRatio is 0, and adjustments also require community governance approval.
As part of its commitment to security, BNB Chain recognizes the importance of adaptive and community-driven governance in balancing efficiency and decentralization. The introduction of BEP-341 provides a significant opportunity to reboot BNB Chain’s governance capabilities. This proposal impacts validator node operators and traders, emphasizing community involvement in the decision-making process.
Active participation in the success of BEP-341 and proving the effectiveness of BNB Chain’s governance mechanism is crucial. Validators, developers, and traders are encouraged to participate early, provide feedback, and voice their opinions on the proposal.
After the discussion period, the formal voting process will be initiated to ensure every BNB holder has a voice. For more detailed information, click here.
If successfully implemented, BEP-341 will improve the efficiency of BSC block production, impacting the income of validators and delegators. By enhancing governance capabilities and inviting proactive participation from BNB representatives, BSC demonstrates its commitment to becoming more decentralized and responsive to community input.
For more detailed information about the proposal and to join the discussion, users can visit the BNB Chain forum.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem working to remove barriers to Web3 adoption. It includes:
– BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees in any EVM-compatible L1; serving as the governance chain of the ecosystem.
– opBNB: A scalable L2 offering the lowest gas fees and fast processing speed in all L2s.
– BNB Greenfield: Meeting the decentralized storage needs of the ecosystem and enabling users to build their own data marketplace.
The AvengerDAO community sets high security standards to protect BNB Chain users, while Red Alarm provides real-time risk scanners for Dapps. The ecosystem also offers a range of token and ecosystem rewards as part of its Builders Support Program.
For more information, users can follow BNB Chain on X or start exploring through their Dapp library.