Table of Contents
BEP 341 is a major proposal aimed at improving the transaction processing capacity of BNB Smart Chain (BSC). The proposal introduces a change in the way validators produce blocks, allowing them to generate up to four consecutive blocks instead of the current system, where each validator produces only a single block at a time.
This proposal is now open for community discussion, and we encourage all eligible participants to share their feedback. Vote here.
Why Is This Important?
The main goal of BEP 341 is to enhance BNB Chain’s performance by optimizing its throughput. As the ecosystem continues to grow, the demand for faster transaction processing is increasing. By allowing validators to produce consecutive blocks, we aim to improve the network’s ability to handle higher transaction volumes, ultimately leading to a more efficient and scalable BSC.
However, consecutive block production by a single validator also has the potential to amplify MEV risks by enabling more complex and profitable extraction strategies, like manipulating prices over multiple blocks to exploit DeFi protocols.
Key Elements of BEP 341
- Increased Number of Consecutive Blocks: The core proposal is to raise the number of consecutive blocks each validator can produce from 1 to 4 per epoch. This change is expected to significantly improve network throughput and efficiency.
- AntiMEV Ratio: To mitigate the risks associated with Maximum Extractable Value (MEV) manipulation, BEP341 introduces an adjustment to the system reward distribution. A portion of the transaction fees will be directed to the SystemRewardContract, with the amount governed by the systemRewardAntiMEVRatio. This adjustment is intended to counter MEV-related risks and ensure a balanced reward system for the entire network.
What Impact Will This Have?
With the proposed change, validators will no longer need to alternate between validating past transactions and processing new ones after each block. By producing up to four consecutive blocks, they can focus more efficiently on new transactions, leading to faster and more seamless transaction processing.
This improvement will benefit both users and developers by increasing the network’s overall performance and reducing the time taken for transaction confirmations. The proposal ensures decentralization and fairness, as validators’ block-producing rights will rotate each epoch, preventing centralization.
Community Participation and Governance
This change is subject to on-chain governance, and we need your input. If you hold voting rights, your participation in this process is essential. This is your opportunity to shape the future of BNB Chain and ensure that it continues to meet the needs of the growing community.
We encourage you to review the details of the BEP 341 proposal and cast your vote from October 21st to October 28th, 2024. If you have any suggestions or concerns about the proposal, please share your feedback. Your input is invaluable to maintaining a transparent and community-driven governance process.
For further details and to participate, please visit our governance forum.
