Oliver Blockfield
Jun 22, 2024TON Blockchain to Significantly Reduce Transaction Commissions
The TON blockchain, known for its innovative approach to decentralized applications, is set to significantly reduce transaction fees. This reduction is aimed at making the blockchain more accessible and cost-effective for users, potentially leading to increased adoption and higher transaction volumes.
Details of the Fee Reduction
Starting on April 16, the TON blockchain has implemented a 2.5-fold reduction in transaction fees. The cost of the first transaction with Jettons will be around $0.06, and subsequent transactions will cost approximately $0.04. Transactions involving USDT will benefit from a discounted fee of 0.02 TON for the first transaction and 0.0145 TON for subsequent transactions. This reduction is part of a broader strategy to enhance the blockchain’s usability and competitiveness.
Technical Enhancements
The upcoming node update will introduce the ability to pre-compile smart contracts. This means that the most popular smart contracts, written in C++, will be embedded directly in the node, bypassing the need for TVM execution. This adjustment is expected to reduce resource consumption and, consequently, the fees associated with these contracts.
Market Reactions
Following the announcement of the fee reduction, the price of TON fell by 2.4% to $5.55. Despite this decline, the reduction in fees is expected to benefit the broader TON ecosystem in the long term. The announcement coincides with a broader market trend where TON has seen a price decline after reaching an all-time high of $7.65 on April 11.
Future Developments
The TON team has several developments planned for the near future. These include the introduction of gas-free transactions, an update to Wallet 5.0, and the development of new Teleport cross-chain technology. These innovations are expected to further enhance the functionality and appeal of the TON blockchain.
Conclusion
The reduction in transaction fees on the TON blockchain represents a significant step towards making the network more user-friendly and competitive. By lowering costs and improving technical efficiency, TON aims to attract more users and increase transaction volumes. This move, combined with upcoming technological advancements, positions TON as a significant player in the blockchain space. As the blockchain ecosystem continues to evolve, such initiatives are crucial for driving adoption and fostering innovation.
