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GateChain v1.1.6 Upgrade: Adopted New Fee Mechanism in the EIP1559
GateChain v1.1.6 Upgrade: Adopted New Fee Mechanism in the EIP1559
2024-08-19 01:32:24 UTC
5261 Read
GT/USDT
-1.01%
GateChain v1.1.6 has now been released. All nodes should be upgraded to this new version before August 26, 2024. With the new release, a new fee mechanism, already adopted in EIP1559 on Ethereum, will come into effect on GateChain, as part of our continuous effort to improve GateChain network efficiency and add deflationary pressure to the GT tokens.
GateChain New Network Fee Mechanism
In the new network transaction fee mechanism, GateChain fee consists of two parts: a basefee and a tip. The basefee is dynamically changed in line with the block size and is burned and removed from the token supply; the tip is rewarded to validators and delegators to encourage them to participate in the consensus process.
Benefits of New Network Fee Mechanism
Lower transaction cost: As the tip (priority fee) could be customized by the users, the total fee becomes more predictable, which gives the users more transparency and control over the tip they should pay in different network conditions and thus avoid unnecessarily high transaction fees.
Enhance GT rarity: As the GT used to pay basefee will be burned and removed from the circulating GT supply, it will add deflationary pressure to GT token. With this added source of GT burn, GT tends to become more valuable in the long run, based on supply and demand law.
Changes in the GateChain v1.1.6
1) EVM version upgrade
2) Minimum GasPrice: increase from 5NANOGT to10NANOGT; Block Gas Limit is 150M
3) Compatible to EIP-2718 proposal and add support to multiple EVM transaction types.
4) Compatible to EIP-1559 proposal, allowing dynamic network fees and basefee burning.
5) Corresponding RPC interfaces upgrade, process optimization and bug fixes
6) Optimized Compilation process and user experience, allowing for creating local account with default password
7) Other bug fixes
Download GateChain v1.1.6：
https://github.com/gatechain/node-binary/tree/master/node/mainnet/1.1.6
GateChain v1.1.6 Upgrade Schedule
1) August 19-26: all nodes complete the upgrade
2) August 26-: the new fee mechanism goes live on the entire GateChain network
At GateChain, we have always been committed to facilitating the innovation, development, and adoption of blockchain technology and making GateChain a preferred infrastructure for all, developers and builders, entrepreneurs and creators, as well as normal people with or without technical knowhow. This new release is only a small step towards our vision. As we keep developing, building and growing the entire GateChain ecosystem, more new features, enhancements and incentives will be introduced into the GateChain network to make it more accessible to people around the world.
Thank you all for joining us on the journey. Your continued support means a lot.
Gateway to Crypto
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Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter: https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
August 19, 2024
GateChain New Network Fee Mechanism
In the new network transaction fee mechanism, GateChain fee consists of two parts: a basefee and a tip. The basefee is dynamically changed in line with the block size and is burned and removed from the token supply; the tip is rewarded to validators and delegators to encourage them to participate in the consensus process.
Benefits of New Network Fee Mechanism
Lower transaction cost: As the tip (priority fee) could be customized by the users, the total fee becomes more predictable, which gives the users more transparency and control over the tip they should pay in different network conditions and thus avoid unnecessarily high transaction fees.
Enhance GT rarity: As the GT used to pay basefee will be burned and removed from the circulating GT supply, it will add deflationary pressure to GT token. With this added source of GT burn, GT tends to become more valuable in the long run, based on supply and demand law.
Changes in the GateChain v1.1.6
1) EVM version upgrade
2) Minimum GasPrice: increase from 5NANOGT to10NANOGT; Block Gas Limit is 150M
3) Compatible to EIP-2718 proposal and add support to multiple EVM transaction types.
4) Compatible to EIP-1559 proposal, allowing dynamic network fees and basefee burning.
5) Corresponding RPC interfaces upgrade, process optimization and bug fixes
6) Optimized Compilation process and user experience, allowing for creating local account with default password
7) Other bug fixes
Download GateChain v1.1.6：
https://github.com/gatechain/node-binary/tree/master/node/mainnet/1.1.6
GateChain v1.1.6 Upgrade Schedule
1) August 19-26: all nodes complete the upgrade
2) August 26-: the new fee mechanism goes live on the entire GateChain network
At GateChain, we have always been committed to facilitating the innovation, development, and adoption of blockchain technology and making GateChain a preferred infrastructure for all, developers and builders, entrepreneurs and creators, as well as normal people with or without technical knowhow. This new release is only a small step towards our vision. As we keep developing, building and growing the entire GateChain ecosystem, more new features, enhancements and incentives will be introduced into the GateChain network to make it more accessible to people around the world.
Thank you all for joining us on the journey. Your continued support means a lot.
Gateway to Crypto
Trade over 1,700 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter: https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
August 19, 2024
