This is how Apple could cut 30% on fees using VeChain technology and solve million-$-problem

  • Apple has been in the news recently for charging a hefty 30 percent on the gas fee for NFT transfers done on apps in the iOS platform.
  • VeChain noted that by using its FeeDelegation, users can initiate gasless transactions avoiding huge fee payments.

Last week, Coinbase Wallet ended support for NFT transfers for all iOS users since Apple blocked further updates to the app. Tech giant Apple has been demanding that the gas fee required for NFT transfers must be paid only through its in-app system. On top of it, the tech giant charges 30% for all gas fees paid on the Apple ecosystem, which is popular as the Apple Tax.

The issue of hefty Apple Tax has been nudging almost every crypto service with many calling out the tech giant over this matter. However, VeChain has offered users a solution to this matter. In their latest tweet, @VeChainEnergy noted:

Did you know that with #VeChain fee delegation, developers can avoid #Apple‘s 30% cut on gas fees, just like #Coinbase did by removing a feature for NFT transfers? Simply delegate fees to make it #gasless. By using #FeeDelegation you provide #gasless transactions and add an incredible smooth user experience in the process. 

However, knowing the fact that Apple’s native platform is quite closed-ended, the possibility of it adopting Vechain technology is still very much limited.

Founded in 2015, VeChain is an enterprise-grade Layer 1 smart contract platform. It has collaborated with a variety of businesses in the supply chain industry to explore different blockchain applications.

VeChain also assists companies in building out their decentralized applications (dApps) and carrying out their business activities with higher transparency and security.

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VeChain (VET) Price Volatility

Alike the broader cryptocurrency market, VeChain has been facing major price volatility in recent times. As per data from Coinglass, the open interest for VET futures over the last 24 hours has increased by 1.39%.

Over the last month, the VET price has undergone some strong volatility. On November 8th, the VET price touched a 10-week high of $0.0280 on the announcement by the VeChain Foundation. The firm announced VeChainThor’s hardfork ready for deployment after a successful vote on VIP-220 dubbed the ‘Finality with one Bit’. This upgrade brings the final phase of VeChain’s proof of authority 2.0.

The upgrade also helps the VeChain attain finality. Thus, it will bring an end to the trade-off in choosing between scalability and high throughput. But following this upgrade news, VET hasn’t managed to sustain the price rally much.

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With the implosion of the crypto exchange FTX, VeChain (VET) also followed the correction in the broader crypto market. The VET price corrected nearly 33 percent since the high of $0.028 hitting a low of $0.01794, the levels last seen in January 2021.

It will be interesting to see if any major news from VeChain will help revive the VET price function.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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