Wednesday, September 27, 2023

Solana New Gas Fees Will Not Make The Network Expensive: Yakovenko

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The Solana new gas fees will not make the network expensive according to the co-founder of the platform Anatoly Yakovenko which we are reading more about in our latest blockchain news.

Solana new gas fees structure could lead to gas wars for big NFT drops but it won’t cause the fees to rise on the entire network like on Ethereum. Solana is rolling out a new fee prioritization model alongside other upgrades aimed at stability. The model will charge a fee during times of congestion but only for the in-demand apps and other services.

Solana Labs revealed the first details on the new fee implementation a month ago in a postmortem report after the network crash blamed on bots that overwhelm the NFT mint. According to the report, the new model will take the neighborhood fees approach which doesn’t impact the wider network. Yakovenko wrote a Twitter thread explaining how that the new fee module will work, following the initial rollout of the v1.10.25 network upgrade.

In the thread, Yakovenko used the analogy of being a one-light switch that everyone wants to flip at the same time so the highest bidder will get to flip the switch and in other words, then applied to the blockcahin network with the validators acting in self-interest and the person who pays the highest gas fees with the amount paid to the network that has their transaction pushed to the front of the line. These gas fees can prove to be expensive and range from hundreds or thousands of dollars as was seen in the otherside virtual land drop recently. Worse yet, the single hot NFT drop or token launch can impact the network and make each ETH transaction more expensive in the process.

That’s not the case with the new model according to Yakovenko who wrote that each dapp works as a single switch in the analogy. As a result, the surging fees for one app should not have an impact on the wider network so the collectors trying to snag an NFT in demand or launch, will see elevated fees and lead to “gas wars” collectors which experienced on ETH but people still transact somewhere else on the network but won’t see the fee impact as a result.

The network validators will be able to add a certain number of transactions for an account as prioritized by the additional fees paid by users but then Yakovenko added that they will have a lot of resources to add transactions from other accounts.

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