TON will drastically cut transaction commissions
Developers of the TON blockchain have reported a 2.5-fold decrease in network transaction charges.
The native token’s dollar value will determine how much each transaction will cost. The commission on the first transaction using Jettons at a price of one Toncoin (TON) will be around $0.06, and on future transactions, $0.04.
Transactions involving USDT will now and going forward receive a special discount of 0.02 TON rather than 0.032 TON for the first transaction and 0.0145 TON for future transactions, as of April 16.
“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 reduces resource consumption and, consequently, the fees associated with these contracts.”
TON announcement
At the time of writing, the price of TON has dropped 2.4% since the announcement, to $5.55. The price of tonnecoin has been falling since it reached an all-time high of $7.65 on April 11.
Even after Pavel Durov, the inventor of Telegram, made recent statements at the Token2049 conference in Dubai, the token has lost around 10% of its value in the last week. There have also been announcements of support for the USDT stablecoin on the TON blockchain.
There were reports circulating on April 16 that the TON team was going to lower the cost of user transactions. In addition, new Teleport cross-chain technology, an update to Wallet 5.0, and gas-free transactions are anticipated this year from TON.
