Anatoly Yakovenko on what they did ahead of Ethereum and SOL burning
A new proposal from co-founder Anatoly Yakovenko to replace Solana’s charging mechanism on the blockchain has revealed several previously-known insights.
First, the proposal itself involves setting a dynamic base fee, calculated on the basis of the current load on the SOL network, and charging for each computing unit requested by the transaction. According to Yakovenko, the solution should reduce fees during periods of low activity on the network and conversely increase fees when there is an increased load.
Thus, if the average load on the last eight blocks exceeds 50%, the base fee is increased by 12.5% and vice versa. The minimum fee has been retained, and there is no maximum fee.
Such changes have reminded some of the Ethereum fee market, where they vary from network load level. Responding to this jab, Solana’s co-founder said they had dynamic base fees even before their main competitor.
Solana (SOL) is burning
Due to the prescribed burning rule in the proposal, it initially seemed to users that the SOL burning mechanism should be visible, but it turned out that it was not.
The fact is that 50% of all collected fees in SOL are already subject to burning, Yakovenko said. Changing the fee mechanism would simply change the final number of SOL burned, to some extent.
