Introduction
In a significant move to enhance user experience and increase efficiency, TON blockchain developers have announced a drastic reduction in transaction fees across their network. This change is set to revolutionize how transactions are processed, making TON a more attractive option for users globally.
Details of the Fee Reduction
The TON development team has declared a 2.5-fold decrease in transaction fees within the network. The cost of transactions will now vary depending on the dollar value of Toncoin (TON), the network’s native token. Under the new fee structure, the commission for the initial transaction using Jettons will cost approximately $0.06, while subsequent transactions will be reduced to about $0.04.
In a strategic move to further benefit users, transactions involving the USDT stablecoin will now enjoy an additional discount. The fee for the first USDT transaction has been reduced to 0.02 TON from the previous 0.032 TON, with subsequent transactions now costing 0.0145 TON.
Upcoming Technical Enhancements
Looking ahead, TON developers are preparing for the next node update which will introduce the capability to pre-compile smart contracts. This innovative feature will allow popular smart contracts, particularly those written in C++, to be directly embedded within the node. This bypasses the need for execution via the TON Virtual Machine (TVM), which in turn reduces resource consumption and associated fees.
Market Impact
Following this announcement, the price of TON experienced a slight dip of 2.4%, falling to $5.55. This decrease comes shortly after the token reached a new all-time high of $7.65 on April 11. Over the past week, despite the bullish news, Toncoin has seen nearly a 10% drop in its value. This volatility follows key developments and endorsements, including a significant mention by Telegram founder Pavel Durov at the recent Token2049 conference in Dubai.
Blockchain Looking Forward
The TON blockchain continues to push the boundaries of innovation with plans to introduce gas-free transactions, release the updated Wallet 5.0, and develop the new Teleport cross-chain technology within the year. These advancements are aimed at reducing the overall cost for users and enhancing the blockchain’s functionality and user-friendliness.
Conclusion
With these strategic reductions in transaction fees and upcoming technological enhancements, TON blockchain is positioning itself as a leader in the cryptocurrency world, promising a more efficient and cost-effective environment for its users.
