The last upgrade on Tezos decreased transaction fees: 3,215 transactions on Tezos now cost the same as 1 transaction on Ethereum

The last upgrade on Tezos decreased transaction fees: 3,215 transactions on Tezos now cost the same as 1 transaction on Ethereum

By Allen Walters | Publish0x posts | 20 Nov 2020


Last week Tezos had another upgrade which goes by the name of "Delphi". This upgrade improved performance and enabled more complex smartcontracts on mainnet. One of the improvements included lower gas fees per transaction. For Delphi, basic transactions need ~1427 in gas. This doesn't just decrease transaction costs, it also increases the max amount of transactions per minute (tps) on Tezos. Every block will have a 10,400,000 gas limit, which means that the max tps comes down to 121 tps.

Lower fees
The low gas price comes down to 0.0004 XTZ per transaction, which is about $ 0.000848 at this time. 

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If we compare that to Ethereum gas prices, we see that today, with an average transaction price of $2.727 per transaction, a transaction on Tezos is $2.727 : $0.000848 = 3,215 times cheaper. You can send 3,215 transactions on Tezos for the same price as 1 transaction on Ethereum. Pretty sweet.

Compare that to Cardano, and we see that with an average transaction fee of 0.2 ADA, a transaction costs about $0.02. Not bad, but still over 40 times more expensive than a transaction on Tezos mainnet.

The next upgrade includes fine-tuned privacy

Tezos is built to evolve swift and smoothly. On-chain governance is integrated on protocol level, which enables decentralized governance and upgrades. One week after the previous upgrade, the next one is announced: "Edo" will be proposed in two weeks. It is the biggest upgrade so far and includes fine-tuned privacy options which can be implemented in any application that is built on Tezos. If the proposal is indeed implemented in governance cycle 38, it will go live on mainnet 3 months later if accepted. 

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Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant. Twitter: @IgnoranceIt


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