VeChain (VET) Community on Reduction in VeChain Thor’s Base Gas Price

VeChain Foundation spoke about how almost 800 nodes have casted their votes regarding the reduction in VeChainThor’s Base Gas Price.  Further stated, this VeVote is a very important process that will determine the future of VeChain for all stakeholders.

One of the nodes was curious stating: I am a node holder and I did not vote, because I had no idea there was a vote. But why would any node holder vote for that last option. As people will need less VeThor as 100 times less, the price of VeThor will plummet. Very strange vote results if you ask me.

The reply was:  1. You can still vote 2. Because if we lower the tx cost > more customers > more need for VTho > higher VTho & vet price > more profit! So ask yourself, are you a vet holder for long term of for short term (small) profits?

Voting matters a lot no matter what. One of the users asked: Does this mean we just lost 99% of the value for our VeThor token?

Twitter Handle Vincent Slaets went ahead to clarify stating, No, it means network transactions cost 99% less which means enterprises who are currently looking at ethereum will realize vechain is not only more scalable and flexible, but also a lot cheaper.  Further stated, People seem to believe Vechainofficial was created to benefit investors. Their goal is to bring blockchain adoption. VTho is not a dividend and it’s individual value doesn’t reflect the value of the network. If you want a higher vet price, you need more adoption.

Some of them clearly stated, better lowering then ending up like ETH gas Fees.

Regarding a question what’s the minimum participation to validate the vote?  The reply was, It’s just an opinion poll and the top 2 will go to the steering committee for final decision.

Tokenomics confusion is very obvious in the community: Seems like many are confused. If lowering the gas price causes the price of VTho to fall then if the tx’s increase eventually and cause the VTho price to rise again then does that mean it will be time to lower the gas price again?

While all these discussions were happening, someone who voted for the first time stated:  First time to use Vevote, very easy and smooth experience. Elections around the world should use vechain. Tx should be as cheap as possible, ideally a fraction of a cent for micro transactions support and mass adoption.