A brand new proposal to vary the charging mechanism on Solana’s blockchain, from co-founder Anatoly Yakovenko, has revealed quite a lot of beforehand little-known insights.
First, the proposal itself entails setting a dynamic base price, calculated on the premise of the present load on the SOL community, and charging for every computing unit requested by the transaction. In response to Yakovenko, the answer ought to scale back charges in periods of low exercise on the community and conversely improve charges when there may be an elevated load.
Thus, if the common load during the last eight blocks exceeds 50%, the bottom price is elevated by 12.5% and vice versa. The minimal price is retained, and there’s no most price.
Dynamic base charges had been in solana earlier than ethereum
— toly 🇺🇸 (@aeyakovenko) December 6, 2022
Such adjustments have reminded a number of the Ethereum price market, the place they range from community load stage. Responding to this jab, Solana’s co-founder mentioned that they had dynamic base charges even earlier than their principal competitor.
Solana (SOL) burning
Due to the prescribed burning rule within the proposal, it initially appeared to customers that the SOL burning mechanism ought to seem, however it turned out that this was not the case.
The actual fact is that fifty% of all collected charges in SOL are already topic to burning, Yakovenko mentioned. Altering the price mechanism would merely change the ultimate variety of SOL burned, to some extent.