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Updating to introduce Transaction Fee Multiplier T
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| - Presently, the Flow network fundamentally supports the dynamic adjustment of transaction fees in response to network congestion. The surge factor ('S') facilitates fee modifications during congested periods, ensuring optimal network functionality. Although currently fixed at 1.0, adjustments to this value may be proposed through a FLIP in response to sustained periods of high network demand and saturation. | ||
| - Introducing a Transaction Fee Multiplier ('T') alongside the existing surge factor would additionally enhance the adaptability and responsiveness of transaction fees to economic conditions. Additionally, it would cater to future requirements for adjusting the unit cost of transactions on Flow, while also ensuring transparency, ease of understanding, and readability of the formula for our community members. | ||
| - **The value of 'T' will be set at 100** to increase the transaction fee by 100 times compared to the current rate, thus increasing costs of each transaction by 100x as shown in the table below. |
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If you use T then the variable shows up like a formula. Consider using ` blocks instead of ' ones.
T vs 'T'
vishalchangrani
approved these changes
May 8, 2024
Co-authored-by: Vishal <1117327+vishalchangrani@users.noreply.github.com>
Co-authored-by: Vishal <1117327+vishalchangrani@users.noreply.github.com>
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Updating to introduce Transaction Fee Multiplier T