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The latest announcement by global leading digital asset service provider Binance is that the platform has decided to adjust withdrawal fees on the TRON (TRX) network.
Therefore, Binance has returned the withdrawal fees on the TRX to what it previously was. This is a solution that the cryptocurrency exchange came up with after a series of consultations with its project team.
Markedly, the change was fully effected on Saturday 11th February. According to a notification sent to users of the trading platform also known as Binancians, “Following the latest proposal 83 passed by the TRON (TRX) community to change the energy charging mechanism to dynamic energy model, Binance will be adjusting withdrawal fees on the TRON (TRX) Network accordingly.”
The feedback gotten from the community on the energy charging mechanism on the network contributed significantly to this decision. Community members voted in favor of a dynamic energy model instead of the energy charging mechanism on the network. The requested dynamic energy model is designed to more reasonably energy resources on the chain and prevent “excessive concentration of network resources on a few contracts.”
Withdrawal Fees on TRON Network Multiplies
From a table published by Binance, after the adjustment, the withdrawal fees for Tether USDT and USD Coin (USDC) more than doubled. Instead of 1 USD/USDC/TUSD, the withdrawal dees bumped to around 2.6 USDT/USDC/TUSD. A more surprising adjustment was that of TRX, the withdrawal fee was multiplied by 15 times its previous value.
An earlier tweet by Justin Sun, founder of Tron indicated that the network has been working with Binance to effect a reduction in the withdrawal fees. “We remain committed to making crypto trading more affordable for everyone,” Sun assured. This assurance given by the Tron founder is in no way in sync with the latest decision taken by Binance.
Noteworthy, the market price of TRX dipped by 3% and is trading around $0.06308 at the time of this writing. For now, it isn’t known for sure how these adjustments will impact the trading volumes of crypto tokens on the Tron Network. Also, there are suspicions that prices would also be affected in the long run.
The post Binance Adjusts Withdrawal Fees on the TRON Network appeared first on Blockchain, Crypto and Stock News.
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