The Tron blockchain has increased fees for transactions with 400%, and users now need to freeze TRX in order to enjoy zero or near-minimal fees when conducting transactions on the chain.
The Tron blockchain has implemented new and increased fees from November 24, which means that fees for transaction energy and bandwidth have risen by 400%, and the uptick in fees is aimed at encouraging users on Tron to freeze more TRX.
What is important from a user perspective, particularly if you are a dapp user on Tron, is to freeze more TRX in order to continue to use dapps with no or very small fees. You can easily freeze TRX in your Klever app by clicking the “Freeze” button located in your TRX account screen.
Increased TRX fees, increased TXR burn rate
The new fee structure proposals were voted by Tron’s governing council, which consists of the 27 Super Representatives who produce blocks and validate transactions, who passed Proposal 47 and Proposal 48 implementing the new rules. The accepted proposal also means that the total transaction burn of TRX will be 4 times higher than before. The fees on the Tron blockchain are still negligible, even after this latest new fee structure, especially when compared to other smart contract platforms.
Essentially, Proposal 47 modifies the unit price of energy from the current 10sun to 40sun, while Proposal 48 does the same for the network’s bandwidth. What is the difference between bandwidth and energy you might ask? It’s quite simple. Bandwidth allows users to conduct transactions on the Tron blockchain without paying any extra gas fees, while energy is a special resource to handle smart contract transactions, especially relevant for dapp usage.
Freeze TRX and earn by voting for TronWallet SR
Moreover, once a user freezes their TRX to gain energy and thereby enables cheaper transactions when interacting with dapps, the user can also earn more TRX. This can be done since once a user freezes TRX, he/she gains Tron Power allowing them to vote in the SR election. So freezing TRX for energy to pay less in transaction fees can therefore enable you to earn by voting for our SR, namely TronWallet, with your Tron Power.
Furthermore, in our role as SR under TronWallet, we voted in favor of the proposals since we see many benefits with this new structure, including higher burn rate and increased incentivization for users to freeze TRX.
Tron’s Dapp Ecosystem
The Tron dapp ecosystem primarily consists of High Risk dapps and Casino dapps, although DEXs such as TronTrade have become cornerstones of Tron’s dapp landscape. That being said, only a few DeFi (Decentralized Finance) dapps run on Tron today, a phenomenon that has become hugely popular on the Ethereum blockchain. In Klever app, as a measure to protect our users from becoming victims to scams, we flag High Risk dapps for our users, warning them against both ponzi schemes and sites that give promises of unsustainable daily rewards.
You can read continue reading our newsletter right here on Substack, or enjoy all our articles in our new in-app feature Klever News, right inside the Klever app!
Director of Communications and Marketing at Klever.io
