New Gas Fees Arrive to Solana

Solana has introduced a new fee-priority model designed to help reduce the risk impact on the system and make the network more efficient.

Solana’s Change in Gas Fees

Solana co-founder Anatoly Yakovenko announced how Solana’s fee-priority method works in the upcoming Solana v1.10.25 network update. Unlike Ethereum, however, Yakovenko has stated this model will not penalize users with high fees on the overall network. 

“Each dApp on Solana will function as a standalone unit. So, for example, an NFT auction, or DEX use cases like Serum or the Orca is just a converter.” The Solana co-founder explained. “Fees will be used to prioritize transactions within a given application or protocol, rather than being imposed on the entire network. Therefore, an increased fee for an application will not impact the Solana network as a whole.” he continued.

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The announcement was made on July 16 in a series of Twitter posts.

The new costing mechanism will play a critical role in reducing the risk of freezing and making the Solana network more stable. Solana’s advantage is that the platform network fees are much more optimized than many other rival blockchains.

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As of May 12th, Solana shares with BNB Chain the most active wallet addresses. Both have cheap and efficient gas fees for users.

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What is Solana:

Solana is the world’s first web-scale blockchain, providing DeFi solutions with high-speed transactions and low fees. dApp creation is typically more accessible with the Solana network.

Solana was born to improve the scalability of the blockchain without sacrificing security or losing decentralization. Solana uses Proof of History and Proof of Stake rather than sharding solutions.

Source : web3wire.news

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