The developers of the TON blockchain, known as the Open Network, have unveiled their strategy to significantly decrease transaction costs, with the goal of improving the network’s affordability and accessibility.
As per the most recent announcement, transaction fees on the Toncoin blockchain will be slashed by 2.5 times. Going forward, transactions will be priced based on the dollar value of Toncoin, starting at \(0.06 per Toncoin for initial transactions and \)0.04 per Toncoin for subsequent ones. Moreover, users engaging in USDT transactions have been benefiting from discounted rates since April 16.
In addition to the fee reduction, developers have articulated their plans to enhance the network’s efficiency by directly integrating popular C++ smart contracts into nodes. This integration is designed to boost resource optimization, reduce associated fees, and further enhance the efficiency of the TON blockchain.
Despite these notable improvements, the response from the market towards Toncoin’s advancements has been mixed. Post the announcement, Toncoin encountered an 11% decrease in its price, dropping from its recent peak of \(7.65 on April 11 to \)5.50.
The downward trajectory continued, with Toncoin facing an additional 10% decline amid speculations regarding USDT support and the excitement surrounding upcoming features like gas-free transactions, Wallet 5.0 updates, and Teleport cross-chain technology.
Speculations about reduced user expenses began circulating on April 16, fueling the growing interest in TON’s progress. The community’s eagerness for more accessible and feature-rich blockchain solutions has contributed to the heightened anticipation surrounding the future of the TON blockchain.
The reduction in transaction fees, alongside the introduction of innovative features, represents a strategic maneuver by TON blockchain developers to encourage broader adoption and drive the network towards enhanced efficiency and scalability. With these advancements in motion, the TON blockchain is well-positioned to attract a wider user base and solidify its standing as a prominent player in the blockchain landscape.
🎉 TON network fees have been reduced by 2.5x across the board in response to $TON’s recent growth!
Aimed at boosting the scalability and accessibility of #TON, these updates underscore TON’s ongoing commitment to innovation, fostering increased engagement within the TON… pic.twitter.com/U74pP7hloe
— TON 💎 (@ton_blockchain) April 24, 2024