TON To Significantly Reduce Commissions On Transactions

TON blockchain developers announced a 2.5-fold reduction in the commission for transactions within the network.

According to the project team, the size of the transaction costs will vary depending on the value of the native token in dollars. At a price of 1 Toncoin (TON), the commission for the first transaction with Jettons will be around $0.06, and for subsequent ones, $0.04.

Starting on April 16, transactions with USDT have and will continue to receive a special discount of 0.02 TON instead of 0.032 TON for the first transaction and 0.0145 TON for subsequent transactions.

In the next node update, the developers plan to introduce the ability to pre-compile smart contracts.

“This means that the most popular smart contracts, written in C++, will be embedded directly in the node, bypassing the need for TVM execution. This adjustment reduces resource consumption and, consequently, the fees associated with these contracts.”

TON announcement

Following the announcement, the price of TON fell by 2.4% to $5.55 at the time of writing. Toncoin has continued to decline in price shortly after updating its all-time high of $7.65 on April 11.

Over the past week, the coin has lost nearly 10% of its value despite recent announcements by Telegram founder Pavel Durov at the Token2049 conference in Dubai. Reports of support for the USDT stablecoin on the TON blockchain have also been announced.

On April 16, rumors appeared that the TON team was planning to reduce user transaction costs. This year, TON is also expected to introduce gas-free transactions, update the Wallet 5.0, and develop new Teleport cross-chain technology.