According to Binance, the largest cryptocurrency exchange has lowered TRON withdrawal thresholds.
The Tron project team and Binance have collaborated to lower withdrawal fees on the network and simplify user transactions.
According to trade statistics, the biggest cryptocurrency exchange declared on Saturday that it has returned the Tron network's withdrawal caps to their prior levels in response to user feedback. Binance had previously announced that it would be raising fees as a result of the Tron DAO's decision to change the network's energy billing scheme.
The Tron project team and Binance have worked together to develop a way to reduce withdrawal fees on the network while facilitating user transactions through the exchange, according to an official statement issued by the centralised exchange.
Following a vote by the Tron community to switch the energy charging model on the Tron network to a dynamic energy model, the exchange declared on Friday that it would be raising prices. This model aims to prevent an excessive concentration of network resources on a small number of contracts and more fairly charge for energy resources on the chain. The cost of withdrawing TRX increased by a factor of 15 once the new policy went into effect, while the cost of withdrawing USDT increased by more than thrice.
The founder of Tron Network, Justin Sun, said in a statement earlier on Saturday that the business is dedicated to creating a network that is "affordable, fast, and secure." However, Binance has changed the fees related to withdrawals on the TRON network as a result of the recent transition from a static to a dynamic energy charging model. In order to reduce the fees, he also disclosed that he was working with Binance.
The Tron network established a method in compliance with Proposal 83 to enable dynamic regulation of energy in contracts in order to achieve a more equitable distribution of energy among contracts. The amount of energy required to accomplish a contract will vary depending on how many resources are utilised to carry it out.
Just a few contracts, some of which are of little value or have even been shown to be false, are currently taking up the majority of CPU time on the Tron network. The dynamic energy model increases the cost of such transactions as a result, with no effect on other decentralised applications (dApps).
According to latest Binance news, the withdrawal costs for USDT, USDC, and TUSD remain unchanged at 1 U.S. dollar value, while the fee for BUSD is calculated at 0.8 BUSD. Additionally, the TRON token's fee has been reduced from 15 to 1 TRX.
