Transaction fees have been reduced by 99 percent on #VeChain, a blockchain-based supply chain platform.
#VeChainThor gas fee adjustment enabled today in block 8770533. With the new update, transaction cost has been reduced by 99 percent.
About a week ago, it was reported that the VeChain Management Committee agreed to lower the base gas price at VeChainThor over the next seven days. 1122 nodes had participated in the voting process on the subject. 71 percent of them voted to reduce the wage to 1 percent of the total.
The team also reported that a new version of the VeChainThor mobile wallet has been released on the App Store and Play Store, reflecting the reduced base gas fee to 1 percent.
VeChain's token , VET, is among the top 20 cryptocurrencies with a market value of $ 8.5 billion. VET has increased by 500 percent in the past three months.