Crypto Avanza
    Facebook X (Twitter) Instagram
    Trending
    • CBUAE & People’s Bank of China renew currency exchange deal
    • DHA Collaborates with Ecommerce Gateway for Innovative ‘Tech Talk’ Seminar
    • DL News Announced as Media Partner for Abu Dhabi Finance Week 2023
    • Sam Altman Returns: Balancing Innovation & Ethics at OpenAI
    • Author Julian Sancton Sues OpenAI and Microsoft Over AI Training
    • Phoenix Group PLC’s Blockbuster IPO Sets Stage for ADX Listing
    • FSRA’s 2024 Vision: Pioneering Virtual Asset Innovation in ADGM
    • OKX & Polygon Labs Set Stage for Web3 Evolution with X1 Ethereum ZK Layer-2
    • Who We Are
    • Work With Us
    • Sitemap
    Facebook X (Twitter) Instagram
    Crypto AvanzaCrypto Avanza
    Subscribe
    Saturday, December 9
    • Business
    • Bitcoin
    • Ethereum
    • Web3
    • Defi
    • Research
    • About Us
    Crypto Avanza
    Home » Solana Co-Founder Speaks Out About SOL Fire and New Proposal

    Solana Co-Founder Speaks Out About SOL Fire and New Proposal

    OwaisBy OwaisDecember 8, 2022Updated:August 23, 2023 News No Comments2 Mins Read
    Solana Co-Founder Speaks Out About SOL Fire and New Proposal
    Image Credits: Unsplash
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Solana co-founder Anatoly Yakovenko has come up with a new plan to change the way charging works on the Solana blockchain. This plan has brought to light a number of previously unknown facts.

    Anatoly Yakovenko Founder of SOL

    First, the proposal itself calls for setting a dynamic base fee that is based on the current load on the SOL Network and charging for each computing unit that a transaction requests. Yakovenko says that the solution should be to lower fees when there aren’t many people using the network and raise fees when there are more people.

    So, if the average load over the last eight blocks is more than 50%, the base fee goes up by 12.5%. The minimum fee stays the same, and there is no upper limit on the fee.

    Read More: Solana rival Aptos has launched its long awaited Mainnet

    congrats; you are reinventing ethereum fee market.

    — Ξ ⟠ EtherPilled.eth ⟠ Ξ (@etherpilled) December 6, 2022

    Some of these changes have reminded some people of the Ethereum fee market, where fees vary based on the level of network load. In response to this jab, the co-founder of Solana said that they had dynamic base fees before their biggest competitor.

    Solana (SOL) Burning

    Users thought that the SOL burning mechanism would show up because the proposal had a rule about how to burn, but it turned out that this was not the case.

    Yakovenko said that 50% of all fees already paid in SOL are already subject to being burned. Changing the way fees are paid would have little effect on the total number of SOL burned.

    Read More: Solana Biggest Stake Change 49.61 Sol ($982M) unstake | Epoch 370 what’s next?

    2022 in Solana story was Sad

    This year, the price of SOL has changed on the market every time Solana’s network went down. This has made people not trust crypto. After all, if its network doesn’t work, how could it be ready to do better than the top altcoin on the market

    Even though it was chosen as the best token to launch non-fungible tokens (NFTs) and blockchain games after Ethereum, Solana’s network became unstable when it was used a lot. Another bad thing was that it was too centralised, which was always clear when developers stopped SOL blockchain to fix a bug.

    Anatoly Yakovenko Ethereum NFTs SOL Network solana
    Owais
    • Facebook
    • X (Twitter)
    • Pinterest
    • Instagram
    • LinkedIn

    Owais is a skilled professional with a strong background in web editing and social media marketing. As a Web Editor, he possesses a keen eye for detail and a flair for crafting engaging online content. Additionally, Owais leverages his expertise as a Social Media Marketer to effectively promote brands and drive audience engagement. Having completed his Bachelor's degree in BA from Karachi University, Owais gained a comprehensive understanding of various subjects within the humanities. This educational foundation, combined with his passion for digital media, has allowed him to excel in his role as a Web Editor and Social Media Marketer. With a focus on delivering captivating and impactful content, Owais consistently strives to enhance the online presence of brands and effectively communicate their messages to a wide audience. Through his strategic approach and creative insights, he has successfully built and managed social media campaigns that have generated significant reach and engagement. Owais's ability to effectively leverage digital platforms and optimize content for online consumption has proven invaluable in the ever-evolving landscape of web editing and social media marketing. His dedication to staying up-to-date with the latest trends and techniques ensures that he remains at the forefront of digital strategies, enabling him to drive meaningful results for clients and brands.

    Keep Reading

    CBUAE & People’s Bank of China renew currency exchange deal

    DHA Collaborates with Ecommerce Gateway for Innovative ‘Tech Talk’ Seminar

    DL News Announced as Media Partner for Abu Dhabi Finance Week 2023

    Sam Altman Returns: Balancing Innovation & Ethics at OpenAI

    Author Julian Sancton Sues OpenAI and Microsoft Over AI Training

    Phoenix Group PLC’s Blockbuster IPO Sets Stage for ADX Listing

    Add A Comment

    Comments are closed.

    Contact
    • Contact Us
    • Write for Us
    • Advertise with us
    Privacy Policy
    • Privacy Policy
    • Disclaimer
    About
    • Who We Are
    • Work With Us
    • Sitemap
    Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn TikTok RSS
    © 2023 Crypto Avanza. Designed by Crypto Avanza.

    Type above and press Enter to search. Press Esc to cancel.