Binance and BNB Chain have teamed up for an exclusive promotional event called the “Gas-Free Carnival.” The carnival will run until October 19, 2024, at 23:59 UTC, and it promises to make transactions free and more affordable for users.
According to Binance’s Blog post, the Gas-Free Carnival is all about the use of stablecoin on BNB chain. From now till the event ends. Users can withdraw USDT, USDC, and FDUSD without paying any fees (originally $0.1 and $0.2). However, users must have a minimum or $20 to withdraw.
This offer applies to transactions on both the BNB Smart Chain (BSC) and the opBNB Chain. With these costs removed, Binance hopes to get more people to use BNB Chain.
How Users Can Benefit?
To make the most of their assets, users who own stablecoin on centralized exchanges such as Bitget, Gate.io, and MEXC can benefit from this offer, provided the minimum withdrawal amount is $10 to $20.
In addition, users who make sure of wallets such as Bitget Wallet and SafePal will receive assistance on gas fees. Additionally, BNB Chain and Celer cBridge, a decentralized and non-custodial asset bridge, have teamed to enable users to transfer stablecoin to BNB Chain from other blockchains without paying gas fees.
Users will receive a complete reimbursement in FDUSD for their gas expenses, making it easier for them to engage in high-yield products and decentralized finance (DeFi) activities. Furthermore, users can also take part in other opportunities, such as providing liquidity and staking.
Users can also explore other activities across popular protocols like Aave, PancakeSwap, and Venus to maximize their rewards.
BNB Price Performance and Market Sentiment
Currently, BNB is trading at $596 after experiencing a slight dip of 1.4%, following a peak of $612. The overall trading volume has also seen a drop of around 12%, but many believe the Gas-Free Carnival could help revive BNB price.
With the gas fees removed, BNB might see more trading activities and a higher demand. If it continues, it might lead to a price increase for the cryptocurrency.
BNB/USD Price Chart | CoinMarketCap
CZ’s Release and Its Market Impact
Binance’s founder, Changpeng Zhao (CZ)’s upcoming release from prison on Sept. 4 is another event that can potentially give BNB the boost it needs. He had previously pleaded guilty to violating U.S. anti-money laundering laws and was sentenced to 4 months in prison.
CZ’s arrest back in April shook the crypto space, causing BNB to drop nearly 6% in value. Although CZ stepped down as CEO, his influence on Binance and the market is far from over. As the largest shareholder, owning over 90% of the company, his return will carry some weight.
Many believe that CZ’s return will restore confidence in Binance ecosystem, and push BNB’s price up as investors regain trust in the platform.
