The VeChain community decided to lower its transaction fees as a result of a voting that began few days ago. Base transaction fee paid by users will reduce to 1e13 Wei within 7 days.
The VeChain Foundation says the cost of using the VeChainThor network has increased 24-times since the beginning of this year. Single transaction cost on January 1 were $0.291, which rose to $7.009 on March 30.
Committee decides to cut transaction fee.
Vechain Foundation held voting to reduce transaction fees, starting on March 30 and ending on April 6.
71.08% of community members voted to reduce 1% of gas fees.
The voting results was then transferred to the Steering Committee for final verdict. According to Thursday’s announcement, 5 of the 7 committee members voted in favor of lowering the transaction fee. VeChain will draw base gas fee to 1e13 Wei in the next 7 days.
The Foundation said it was necessary to reduce gas fees as high transaction fees slow down community interest in Vechain especially large enterprises like Governments, Business etc.
Now low fees will reduce the cost of using blockchain, gain users interest and increase demand of Vechain.
VET has gained 6% over the past 24 hours and is trading at $0.12, according to CoinGecko data.