By Tobi Loba
As a report has it, VeChainThor gas price adjustment is now live on mainnet since block 8,770,533.
The new development was passed across by VeChain Dev, the Twitter handle of the channel that reports the progress of VeChain developers.
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According to the report, the transaction cost has now been reduced by 99% and all users can start leveraging the notable change.
In the tweet, VeChain Dev captioned the link to the transaction that executed the param change.
VeChain Dev tweeted, “Gas price adjustment is alive on Main-net since block 8,770,533. Check if your tx cost is reduced by 99% now.”
Gas price adjustment is alive on Main-net since block 8,770,533. Check if your tx cost is reduced by 99% now.😀
This is the tx that executed the param change:https://t.co/enit4Gy934
— VeChain Dev (@vechaindev) April 12, 2021
However, a VeChain user stated that the reduction has not taken effect on atomic wallet. “Still not reduced on atomic wallet.”
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In response to the user’s complaint, VeChain Dev wrote, “The on-chain deduction is taking effect. Maybe atomic wallet didn’t update the UI to reflect.”
The on-chain deduction is taking effect. Maybe atomic wallet didn't update the UI to reflect.
— VeChain Dev (@vechaindev) April 12, 2021
VeChain Steering Committee Reaches Consensus on Reducing Gas Fee
About a week ago, it was reported that VeChain Steering Committee reached a consensus on reducing the VeChainThor’s base gas fee to 1e13 wei within the next seven days.
According to the report, the consensus was reached via a voting process that involved over 1100 nodes, followed by seven members of the VeChain Steering Committee. Out of the seven members of SC, five cast their vote in support of the reduction of the base gas fee to 1%, which resulted in the recent reduction.
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Back then, VeChain Foundation reported as follows:
“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!”
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