neonewstoday.com
The Neo Council has approved a reduction in network and system fees on the Neo N3 MainNet. The adjustment is aimed at making the blockchain more cost-effective and efficient, responding to feedback from ecosystem projects.
Fee reductions
The updated fee structure includes the following changes:
- Execution fee factor: Reduced from 3 to 1
- Storage fee factor: Reduced from 10,000 to 1,000
- Network fee per byte: Lowered from 0.000001 $GAS to 0.0000002 $GAS
With these changes, a simple $GAS transaction that previously cost 0.01121327 $GAS in fees will now cost just 0.002537974 $GAS, making such transactions nearly five times cheaper.
Decision process and governance
Adjusting fees on the Neo blockchain requires a vote from the Neo Council, a 21-member governance body elected by NEO holders. For changes to be enacted, the council must generate a multisig transaction, which becomes valid once 11 signatures are collected.
The multisig transactions related to this fee reduction can be found below:
- https://neotube.io/transaction/0x8354b5e6c4fb29c43b42289e0c04c08537764d8c3a6ebc14731769e568e63301
- https://neotube.io/transaction/0x7f6da453b7f09cead8c1b7e737969247bf06c3a272e2777b4ad255dca8fa49f6
- https://neotube.io/transaction/0xaf862698a2c38e203680b79e2391f423451e1442275d18b3728249d2c2c9eb5b
Future network upgrades
Alongside the fee reductions, Neo noted that the Core Developer group is actively working on major upgrades intended to enhance network performance. These improvements are designed to strengthen Neo’s competitive position within the expanding Layer 1 and Layer 2 blockchain ecosystem.
The original announcement can be found at the link below:
https://neo.org/blog/details/4318