Higher fees and transaction failures. What the TRON network’s upgrade turned out to be

Users report problems when transferring funds on the blockchain

05.12.2022 - 14:15

289

2 min

What’s new? On December 4, the TRON DAO reported official approval of proposal #79 to upgrade the network proposed by members. The main points of the upgrade included increasing the cost per unit of energy from 280 to 420 sun, as well as increasing the cap on fees (the “feelimit” parameter) from 10 000 to 15 000 TRX.

📢The No. 79 committee proposal of the #TRON network was officially approved at 2022-12-4 14:00:00 Singapore time. 🧐The main content of the committee proposal is to modify the No. 11 and No. 47 network parameters, increase the unit price of energy from 280sun to 420sun, … — TRON DAO (@trondao) December 4, 2022

How did the upgrade affect the network? The main goal of the changes was to increase the effectiveness of restraining the growth of the number of low-value smart contract transactions and the harm they can cause. In addition, the update should significantly increase the stacking rate and TRX burn volume. The token deflation rate should rise to 3.17% and the annual burn rate to 5 billion.

After the upgrade was implemented, users began to report problems when transferring funds on the TRON network and using wallets with automatic determination of fees. Software developers are working on updates at an accelerated pace to address the issues. The TRX token has not yet had any reaction to the incidents. As of December 5, the asset is trading at $0,05366, the price of TRX up by 0,96% per day, according to Binance.

Earlier, TRON blockchain founder Justin Sun responded to a tweet from El Salvador’s President Nayib Bukele, who said that the country would start investing in bitcoin daily. The businessman supported the state’s initiative, saying that from November 18 he would also start buying 1 BTC every day.

On November 12, Sun publicly acknowledged buying the Huobi crypto exchange for the first time. Previously, he denied that he was the ultimate beneficiary of the purchase of a controlling stake in the exchange, claiming that he was only a member of its global advisory board.

Author: