VeChain Decides To Reduce Transaction Fees

VeChain Decides To Reduce Transaction Fees

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  1. tldr; The VeChain community has voted to lower its transaction fees as a result of a voting that began few days ago. The VeChain Foundation says the cost of using the VeChainThor network has increased 24-times since the beginning of this year. The Foundation said it was necessary to reduce gas fees as high fees slow down community interest in Vechain.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. They expect a more than 100x transaction growth in the future, and the community was smart enough to see it and vote for it. Most Bullish crypto project imo. ![gif](emote|vet2_emote|vet2)

  3. The important math here is simple, and I’ll break it down for both VET holders and VET prospects 🙂

    VET currently has a VTHO generation rate of 6,5 years. Simplifying this, we’ll say that 1 transaction costs 1 VTHO. This means that each VET took 6,5 years to generate 1 transaction.
    By reducing the VTHO fee per Tx by 99%, the community and organization in harmony, has increased the transactional efficiency of VET by 100x. It now produces 1 Tx every 23,7 days.

    By reducing the cost this drastically, it also gives VTHO room to appreciate in price, significantly, without affecting transactional costs by much. Where it used to cost $0,4, it now only costs $0,004 per transaction.

    The biggest enemy of mass adoption, is short-term greed and failure to adapt.

    The community seems very satisfied with the results of this vote.

    As always, for any questions, feel free to pop by the sub. All are welcome, and as a lover of focused discussion, I hope some of you come along with some hard questions! 🙂

  4. Someone said: “Oh no the short term demand for VTHO will fall”

    If not a single client can afford expensive transactions the demand will be eventually zero. ZERO.

    With low transaction costs, there is no limit how much usage VeChain can get in the future, and that makes VET future prospects very valuable.

    Volkswagen (the company) is a lot more valuable than Koenigsegg, despite the latter making cars that cost 100x more.

  5. In a context of speculation and quick gains, the Vechain community has looked down the road five years and made decisions in favor of growth rather than short term profit. Vechain ftw!



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