This change, effective from April 16th, comes in response to the recent growth of the TON token.
It includes a special discount for Jetton-with-governance transactions such as $USDT. Let’s explore more about this important news for TON.
TON Network Implements Major Fee Cuts and Special Discounts
Initially, the fees for the first transaction involving Jetton-with-governance were reduced to 0.02 TON from 0.032 TON. Subsequent transactions now cost just 0.0145 TON, significantly lowering costs for frequent users. This fee reduction was made possible after validators approved the TON Core Development team’s proposal. The proposal advocated for a 2.5x reduction in transaction fees.
Under the new fee structure, the cost for the first Jetton-with-governance transaction is approximately $0.06. Each subsequent transaction costs about $0.04, assuming a TON token value of $7. This strategic fee reduction aims to boost user participation in TON network activities, especially governance, by making it more economically feasible.
🎉 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
More About TON
In addition to fee adjustments, the network has introduced precompiled contracts to its system. The inaugural precompiled contract — a Jetton with governance functionality — has already been activated. This integration means that the most popular smart contracts, typically written in C++, are now embedded directly into the node. This setup bypasses the need for execution through the TON Virtual Machine (TVM), which traditionally handles smart contract operations.
4/ Introduction of precompiled smart contracts
Precompiled contracts have been introduced to the TON network, and the first precompiled contract — a jetton with governance functionality — has been activated.
This means that the most popular smart contracts, written in C++,…
— TON 💎 (@ton_blockchain) April 24, 2024
The advantage of precompiled contracts is significant: they reduce the resource consumption required for contract execution. Consequently, this lowers the fees associated with these contracts, further contributing to the network’s efficiency and user-friendliness.
By embedding these contracts directly into the node, it streamlines operations and enhances performance. This approach avoids the latency and processing overhead typically associated with traditional smart contract executions.
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