In an upcoming development for the Binance BNB Chain network, a hard fork known as "ZhangHeng" is poised to bring about various enhancements, particularly in terms of blockchain security. The mainnet blockchain is scheduled to undergo this upgrade at block height 328,088,888, as announced by BNB Chain on July 12.
Based on the current block generation speed, it is projected that the hard fork will take place on July 19. BNB Chain, previously recognised as Binance Smart Chain (BSC), has decided to name the hard fork after Zhang Heng, a celebrated Chinese polymathic scientist and statesman from the Han dynasty.
One of the notable improvements introduced by this upgrade is the implementation of BEP-255.
BEP-255?
This proposal aims to enhance security by incorporating on-chain asset reconciliation on BNB Beacon Chain. The blockchain will now track user balance changes in each block and perform reconciliations to identify any potential issues. In instances where reconciliation errors occur, the blockchain will pause and cease producing new blocks. Additionally, the upgrade includes a bug fix addressing a security vulnerability referred to as the "Rogue Key Attack."
BNB holders are not required to take any action in response to the hard fork.
It is essential, however, for full node operators to switch to v0.10.16 to ensure compatibility and uninterrupted functionality.
Planned Progression
Notably, the previous hard fork called Luban took place last month and introduced three evolution proposals known as BEPs. Despite these developments, the Total Value Locked (TVL) in BNB Chain has seen a decline of nearly 30% since the beginning of the year. Moreover, it has dropped by 85% from its peak of $22 billion in May 2021. Despite these setbacks, BNB Chain remains the third-largest network in terms of TVL, with approximately $3.3 billion locked. Currently, the network hosts 626 protocols, serving around 1.38 million active users.
Among the various protocols on the network, the PancakeSwap decentralised exchange (DEX) stands out as the largest, accounting for almost half of the total value locked.