2024

Core

Bitcoin

April

<h4><strong>This change, effective from April 16th, comes in response to the recent growth of the <a href="https://www.coingecko.com/en/coins/toncoin" target="_blank" rel="noopener">TON token</a>. </strong></h4> 
<p>It includes a special discount for Jetton-with-governance transactions such as $USDT. Let’s explore more about this important news for TON.</p> 
<h5><strong>TON Network Implements Major Fee Cuts and Special Discounts</strong></h5> 
<p>Initially, the fees for the first transaction involving Jetton-with-governance were reduced to 0.02 TON from 0.032 TON. Subsequent transactions now cost just 0.0145 TON, significantly lowering costs for frequent users. This fee reduction was made possible after validators approved the TON Core Development team’s proposal. The proposal advocated for a 2.5x reduction in transaction fees.</p> 
<p>Under the new fee structure, the cost for the first Jetton-with-governance transaction is approximately $0.06. Each subsequent transaction costs about $0.04, assuming a TON token value of $7. This strategic fee reduction aims to boost user participation in TON network activities, especially governance, by making it more economically feasible.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"> TON network fees have been reduced by 2.5x across the board in response to $TON’s recent growth!</p> 
 <p>Aiming to enhance the scalability and accessibility of <a href="https://twitter.com/hashtag/TON?src=hash&amp;ref_src=twsrc%5Etfw">#TON</a>, these updates are a testament to TON’s continuous efforts to innovate, encourage greater activity within the TON… <a href="https://t.co/U74pP7hloe">pic.twitter.com/U74pP7hloe</a></p> 
 <p>— TON <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f48e.png" alt="💎" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ton_blockchain) <a href="https://twitter.com/ton_blockchain/status/1783164553078968459?ref_src=twsrc%5Etfw">April 24, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>More About TON</strong></h5> 
<p>In addition to fee adjustments, the network has introduced precompiled contracts to its system. The inaugural precompiled contract — a Jetton with governance functionality — has already been activated. This integration means that the most popular smart contracts, typically written in C++, are now embedded directly into the node. This setup bypasses the need for execution through the <a href="https://docs.ton.org/learn/tvm-instructions/tvm-overview" target="_blank" rel="noopener">TON Virtual Machine (TVM)</a>, which traditionally handles smart contract operations.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">4/ Introduction of precompiled smart contracts</p> 
 <p>Precompiled contracts have been introduced to the TON network, and the first precompiled contract — a jetton with governance functionality — has been activated. </p> 
 <p>This means that the most popular smart contracts, written in C++,…</p> 
 <p>— TON <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f48e.png" alt="💎" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ton_blockchain) <a href="https://twitter.com/ton_blockchain/status/1783164560783913392?ref_src=twsrc%5Etfw">April 24, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The advantage of precompiled contracts is significant: they reduce the resource consumption required for contract execution. Consequently, this lowers the fees associated with these contracts, further contributing to the network’s efficiency and user-friendliness.</p> 
<p>By embedding these contracts directly into the node, it streamlines operations and enhances performance. This approach avoids the latency and processing overhead typically associated with traditional <a href="https://www.altcoinbuzz.io/?s=smart+contract" target="_blank" rel="noopener">smart contract</a> executions.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ton-network-slashes-fees-and-introduces-precompiled-contracts/">TON Network Slashes Fees and Introduces Precompiled Contracts</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

TON Network Slashes Fees and Introduces Precompiled Contracts

Altcoin Buzz

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