Justin Sun, the founder of TRON, announced that the firm is working with Binance to reduce the withdrawal fees on TRON tokens following a fee hike on Binance's platform.
At the beginning of February, the TRON community approved Proposal 83 to enable a dynamic energy model.
On February 10, Binance said it will increase the withdrawal fees for coins that operate on the TRON Network. The exchange cited the approval of Proposal 83 as the reason behind the spike in fees. The tokens affected by the fee hike included TRON (TRX), BitTorrent Chain (BTTC), Sun Token (SUN), JUST (JST), and WINkLink (WIN), among others.
In response, Justin Sun reassured the crypto community that TRON is exploring solutions to reduce the fee spike on Binance.
Soon after the founder of TRON posted the tweet, Binance stated that the exchange will revert the fees to previous levels, adding,
“Following feedback from the community on the adjustments made to withdrawal fees on TRON network, Binance has worked with the TRON project team to arrive at a solution for reducing withdrawal fees on TRON network.”
The price of the TRX token plunged to a 7-day low after Binance announced the fee hike. The coin's price has now stabilized and is up by 0.67% in the last 24 hours.