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- There were choices, either to leave the base gas fee as it is (1e15 Wei) and to reduce it to 2e14 Wei
- The voting has been ended on April 6 with 1,122 nodes participating
VeChain Foundation has conducted the voting facility to decide the cap on the base gas fee. The increasing value of the gas fee has made it worry to the foundation as they believe there will be issues in adopting the gas fee by the companies and governments.
Voting For Adjusting Base Gas Fee
To adjust the VeChain Thor Blockchain’s base gas fee, the VeChain Foundation has done a vote via VeVote on March 30. With the increment in gas usage, the fee had been increased to a much higher level. Hence, the community decided to appeal against the increasing fee of gas.
The foundation has said that this increase in the gas fees could lead to a negative impact on the industries. This will hinder the large scale adoption by companies and governments, so the vote was initiated. There were choices, either to leave the base gas fee as it is (1e15 wei), and to reduce it to 2e14 wei (20% of the current gas fee), to 5e13wei (5% of the existing gas fee), or 1e13wei (1% of the current gas fee).
The voting ended on April 6, with 1,122 nodes participating. Out of the total, 766 nodes (71.08%) supported reducing the base gas fee to 1%. In comparison, 238 nodes favoured 5% of the current fee (19.79%). While only 71 votes were leaning 20% and 46 notes selected, leaving the base gas fee as it is at the current level.
Results might still be uncleared
After the voting, the foundation now has to decide upon more votes. According to the recent reports, the steering committee has reached a consensus on reducing the current VeChain Thor base gas fee to 1e13 wei within the next seven days.
As per the tweet by VeChain Foundation, five members favoured reducing the base gas fee to 1% of the current level. One member voted in favour of 5%, and the rest members abstained themselves.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
