A new update on the TRON network, under discussion, was shared with the TRON Community recently. The proposal—which is already live—is to raise the energy cost from its current 280 SUN (around $1.5) to 420 SUN (around $2.3). This 50% increase will raise the daily burning rate of 8 million TRX, with an inflation rate of -3.17%. In addition, the gas fee will subsequently increase if it is paid in TRX instead of energy by 1.5 times because the fees for TRC-20 tokens are calculated in energy for each transaction.
Latest Fintech News:Â RSM and Vic.ai Partner to Help Enterprises Revolutionize the Accounting Process
The platform was developed as a foundation for developers to create dApps and build a decentralized Internet. TRON has a better throughput thanks to its layered architecture. Tron network can run up to 2,000 transactions per second (TPS) without users paying high gas fees. But with the recent news on the increase in fees, one might be wondering how to make transactions without paying fees.
Users just have to stake their TRX to unlock the resources they need for free transactions which is highly relevant for the holders of TRON-based tokens like USDT, BTT, and many others. One of these resources—energy—was mentioned above, while the other is bandwidth.
Latest Fintech News:Â Treasury Management Services Outsourcing Helps with Data to Optimize Business Performance, Says IBN Technologies
Energy is used to calculate smart contract fees. Energy, unlike bandwidth, can only be gained by staking TRX on Guarda Wallet to earn 3.86% in APY for gasless TRC-20 transactions. On the other hand, each account needs bandwidth, measured in transaction bytes, to transfer assets over the network. All currently active TRON addresses receive 1,500 free bandwidth points every 24 hours, which users can use to make gas-free TRC-10 and TRX transactions.
If the account does not have enough Energy or Bandwidth to cover the transaction fees, they will be paid in TRX.
Latest Fintech News: Arbella Insurance Group Adds One Inc’s PremiumPay and ClaimsPay With Diversified Digital Payment Options
[To share your insights with us, please write to sghosh@martechseries.com]
