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TON Lowers Network Fees by 3x to Celebrate Recent Growth of Its Native Token

source-logo  blockchainreporter.net 24 April 2024 19:13, UTC

The Open Network (TON), a decentralized network of computers running an L1 blockchain with diverse components, has minimized network fees. As per the platform’s announcement, it has lowered the respective fees by up to 3x while responding to the recent growth that it has experienced. The company took to the social media platform X to reveal the news of the latest development.

TON Drops Network Fees by 3 Times to Rejoice the Latest Growth

The network mentioned that it is focusing on the improvement concerning its native crypto token TON. In this respect, the platform intends to enhance the coin’s accessibility and scalability. The relevant updates play the role of evidence regarding the continuous endeavors of TON to promote innovation. In addition to this, these things also encourage more activity within the ecosystem of TON.

In its post, TON disclosed that the company wants to make crypto accessible for everyone with its new developments. Moreover, the platform also discussed a few of the chief updates. It revealed that the network would offer a distinctive discount regarding Jetton-with-governance transfers such as USDt. According to it, the platform reduced the fees to 0.02 TON for the initial transfer. On the other hand, the respective figure was formerly standing at 0.032 TON.

Contrary to that, the following transfers presently stand at just 0.0145 TON. Apart from that, the validators have authorized the proposal that the TON Core Dev team made for an additional 3x discount on the transfer fees. In this case, the fee for the earliest Jetton-with-governance transfer is nearly $0.06 at the moment.

Platform Offers Exclusive Updates to Increase Affordability and Adoption

Additionally, the transfers coming after it stands at approximately $0.04. In this respect, the firm assumes 1 TON equal to $7. This is not all as the network has many other things lined up to facilitate the consumers. For that purpose, it has another development that deals with node updates. The main developer team of the platform will unveil the ability regarding the precompilation of smart contracts.

According to the respective update, the platform will target the most prominent smart contracts that are written in C++. Furthermore, the company will embed them straight in the node. All the above-mentioned updates denote the company’s efforts to enhance affordability for projects looking for mass adoption. TON asserted that the company will also launch further updates in the future.