VeChain hopes to boost blockchain adoption by eliminating gas fees in its VeWorld wallet.
The VeChain Foundation announced in a press release that it has rolled out a new feature, named “fee delegation,” to eliminate transaction fees in its VeWorld web wallet. According to an announcement today, the fee delegation feature removes the need for decentralized application users to pay transaction fees.
Following the elimination of transaction fees in the VeWorld web wallet, VeChain said it had eliminated a significant hurdle hindering the widespread adoption of crypto.
“To date, fee delegation has formed a key part of VeChain’s enterprise adoption strategy, allowing enterprises to pay to use VeChain’s blockchain as a subscription service and build business ecosystems on public blockchain, even in the most stringent legal jurisdictions,” VeChain’s announcement read.
Per the announcement, implementing the fee delegation feature is part of the company’s way of providing developers with an efficient environment for dApps, while also catering to the needs of crypto enthusiasts.
Notably, fee delegation is part of VeChain’s efforts to bolster mainstream adoption of blockchain technologies.
“Vechain has always maintained that achieving mass adoption of blockchain technology requires applications to feel as familiar as a website for the average user,” the VeChain team added.
To provide clarity, the leading blockchain company attached a video demonstrating how users can initiate transactions on the VeWorld wallet without paying gas fees. The development comes less than two months after VeChain Foundation announced the launch of the VeWorld web wallet.
VET Slumps 1% in 24 Hours Despite Notable VeChain Updates
Following the announcement, the price of VET surged 2% from $0.0239 to $0.0244 in an hour. However, the price has slumped at the time of writing this line. VET is trading at $0.024, down 1% in the past 24 hours, according to Coingecko data. VET is currently the 37th-largest crypto with a market capitalization of $1.73 billion.
Meanwhile, the VeChain Foundation has continued to announce notable developments in recent times. Last month, the team behind the enterprise blockchain announced a partnership with US-based management consultant Boston Consulting Group (BCG). As reported, the collaboration required BCG to analyze VeChain’s business and suggest ways to boost the company’s sustainable strategy.
On March 8, VeChain integrated with DappRadar to provide cross-chain visibility for dApps built on the enterprise blockchain.
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