Saturday, December 3, 2022
HomeCrypto NewsMarketVeChain Decides To Reduce Transaction Fees

VeChain Decides To Reduce Transaction Fees

- Advertisement -

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.

Merchant token ico

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.

- Advertisement -
Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.