VeChain cuts base gas fee to 1% of current level, steering committee voted

  • The VeChain Foundation Steering Committee has reached consensus on reducing the gas fee to 1e13 wei within 7 days.
  • The reduction of the base gas fee was necessary because increased use of the VeChainThor blockchain has caused the fees to increase massively.

As CNF reported, the VeChain community faced a landmark decision in recent days. The VeChain Foundation initiated a vote via VeVote on March 30 on whether to adjust the VeChainThor blockchain’s base gas fee. The background was that gas fees had risen massively due to increasing usage.

The VeChain Foundation acknowledged that the increase in transaction costs could massively hinder large-scale adoption by companies and governments, so the vote was initiated. The choices were to leave the base gas fee as it is (1e15 wei), and to reduce it to 2e14 wei (20% of the current gas fee), to 5e13 wei (5% of the current gas fee), or to 1e13 wei (1% of the current gas fee).

Voting for the community already ended on April 06, with 1,122 nodes participating. Of these, an overwhelming majority of 766 nodes (71.08%) were in favor of reducing the base gas fee to 1%, 238 nodes were in favor of 5% of the current fee (19.79%), while only 71 votes were in favor of 20% and 46 votes were in favor of leaving the base gas fee at the current level.

Following the vote, the VeChain Foundation steering committee now had to decide on the two proposals with the most votes. As a recent report shows, the Steering Committee reached a consensus on reducing the current VeChainThor base gas fee to 1e13 wei within the next seven days.

According to a tweet from the VeChain Foundation, 5 members of the Steering Committee cast their votes in support of reducing the base gas fee to 1% of the current level. One member voted in favor of 5%, while the other member abstained. The 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!

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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