TON Network Announces Significant Fee Reductions and Precompiled Contracts Integration
The TON Network has announced significant fee reductions and the introduction of precompiled contracts. From April 16th, fees for Jetton-with-governance transactions have been slashed by 2.5x, with the first transaction now costing approximately $0.06 and subsequent ones $0.04. This move aims to increase user participation in TON network activities. Additionally, precompiled contracts, like the first Jetton with governance functionality, have been integrated, reducing resource consumption and enhancing efficiency. This integration streamlines operations and bypasses traditional smart contract processing overheads.
Key Takeaways
- TON Network reduces fees by 2.5x as of April 16th due to the recent growth of TON token
- Special discounts for Jetton-with-governance transactions, such as $USDT
- Initial fee for the first transaction reduced to 0.02 TON from 0.032 TON, subsequent transactions cost 0.0145 TON
- Introduction of precompiled contracts, reducing resource consumption and fees for contract execution
- First precompiled contract, a Jetton with governance functionality, already activated, streamlining operations and enhancing performance
Analysis
The TON Network's fee reduction and precompiled contract integration aim to increase user participation and efficiency. This move follows TON token growth and may impact users, developers, and competitors. Direct consequences include lower costs for Jetton-with-governance transactions, like $USDT, and more cost-effective contract execution. In the long term, this could attract more users, boost TON's popularity, and pressure competitors to match or beat these offerings. Organizations relying on TON for transaction services and developers building smart contracts on TON will benefit from reduced costs and enhanced performance. The financial instrument and DApp ecosystem built around TON may also grow as a result.
Did You Know?
- TON Network: The TON (Telegram Open Network) Network is a blockchain-based platform developed by Telegram, a popular messaging app. It is designed to handle large-scale decentralized applications and enables fast and cheap transactions.
- Jetton-with-governance transactions: Jettons are tokens that represent assets or shares in a decentralized project. A Jetton-with-governance is a type of token that allows holders to participate in decision-making processes for the project. These transactions now have special discounts, with the first transaction costing 0.02 TON (previously 0.032 TON) and subsequent transactions costing 0.0145 TON.
- Precompiled contracts: These are pre-written and pre-compiled smart contracts that are stored and executed on the blockchain. They reduce resource consumption and enhance efficiency by bypassing traditional smart contract processing overheads. TON Network has integrated precompiled contracts, and the first such contract, a Jetton with governance functionality, has already been activated.