The developers of the Open Network, TON blockchain, have revealed plans to reduce transaction fees significantly, aiming to enhance the network’s affordability and accessibility.
According to the latest announcement, transaction fees on the Toncoin blockchain will undergo a 2.5-fold reduction. Transactions will now be priced based on the dollar value of Toncoin, with initial transactions set at $0.06 per Toncoin and subsequent transactions at $0.04 per Toncoin. Furthermore, users engaging in USDT transactions have enjoyed discounted rates since April 16.
In addition to the fee reduction, developers have outlined intentions to streamline the network’s operation by integrating popular C++ smart contracts directly into nodes. This integration aims to optimize resource utilization and lower associated fees, further bolstering the efficiency of the TON blockchain.
Despite these significant upgrades, the market response to Toncoin’s developments has been mixed. Following the announcement, Toncoin experienced an 11% decline in its price, plummeting from its recent high of $7.65 on April 11 to $5.50.
🎉 TON network fees have been reduced by 2.5x across the board in response to $TON’s recent growth!
Aiming to enhance the scalability and accessibility of #TON, these updates are a testament to TON’s continuous efforts to innovate, encourage greater activity within the TON… pic.twitter.com/U74pP7hloe
— TON 💎 (@ton_blockchain) April 24, 2024
This downward trend persisted, with Toncoin witnessing an additional 10% drop amidst speculations surrounding the support for USDT and the anticipation of upcoming features such as gas-free transactions, Wallet 5.0 updates, and Teleport cross-chain technology.
Rumors regarding reduced user costs began circulating on April 16, adding momentum to the growing interest in TON’s advancements. The community’s anticipation of more accessible and feature-rich blockchain solutions has contributed to the heightened excitement surrounding the future of the TON blockchain.
The reduction in transaction fees coupled with the implementation of innovative features signifies a strategic move by TON blockchain developers to foster wider adoption and propel the network towards greater efficiency and scalability. With these advancements in place, the TON blockchain is poised to attract a broader user base and solidify its position as a leading player in the blockchain ecosystem.