Saturday, April 10, 2021

VeChain Steering Committee Reaches Consensus on Reducing Gas Fee to 1e13 wei Within 7 days

As a report has it, the VeChain Steering Committee has finally reached a consensus on reducing the current VeChainThor’s base gas fee to 1e13 wei within the next seven days.

According to the report shared by VeChain Foundation a couple of hours ago via its official Twitter handle, the consensus was reached via a voting process. Out of seven Steering Committee members, five cast their vote in support of the reduction of the base gas fee to 1% of its current level.

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VeChain Foundation tweeted, “The Steering Committee vote has been decided! 5 of the 7 SC members cast their vote to reduce the base gas fee to 1% of its current level. Accordingly, the VeChain Foundation will reduce base gas fee to 1e13 wei within 7 days. Thank you, dear community, for your participation!”

It can be recalled that the proposal to this effect was brought to the notice of the VeChain community members on 30th March 2021.

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The proposal is based on hearing the view of the community on the reduction of base gas price, via a voting process, to the benefit of the VeChain ecosystem as the blockchain project expands.

“Our unique tokenomics provides every stakeholder value, from our enterprise and government partners, to community & node holders. In light of the recent & expected future growth in demand, we would like to hear your voice about the Base Gas Price.”

The voting process on whether to reduce VeChainThor’s base gas price involved relatively 1100 nodes. A report stated that the VeVote is a vital process that will determine the future of VeChain for all stakeholders.

On 6th April, the result of the VeVote was released by the VeChain Foundation. The result notably supports the reduction of base gas fee to 1e13 wei.

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Caption the chart of the result, VeChain Foundation wrote, “The community has spoken! The Foundation appreciates your participation – we believe the future must be built together, from the feedback of all stakeholders. The top 2 choices from the poll will shortly be proposed to the Steering Committee transparently, on VeVote.”


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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