The XRP Ledger (XRPL) is increasing its transparency by introducing a feature that allows users to view the base transaction fee on-chain, as announced by data analysis company XRPScan. This development was prompted by comments from XRPLF Advisor Dr. J. Scott Branson, who highlighted the low cost of the base transaction fee in the XRP Ledger, which is dependent on the general overhead required for conducting transactions.
Branson’s discussion on the low cost of XRP Ledger’s fees also covered the cost requirements for storing transactions on the blockchain. He claimed that the transaction volume on the XRP Ledger is proof that many benefit from lower transaction costs compared to similar networks. The XRPL is designed to facilitate large-scale transactions, particularly payments and cross-border remittances.
With low fees, validators, who often earn less while doing more, are significantly impacted. Branson is motivated to address this by proposing an increase in the base fee from 10 to 200, a proposal put forward through Cabbit Tech validator. Key leaders in the XRP ecosystem agree with Branson, and Wietse Wind, founder of XRPL Labs and creator of Xumm Wallet, has indicated that the proposal will be up for voting in the next maintenance bill.
Throughout 2023, XRPL has welcomed several milestones, from the launch of the Xahau sidechain on the main network to hosting decentralized exchanges (DEX) and non-fungible tokens (NFTs). With collaborative efforts to alter the profitability of hosted validators, the protocol may welcome a new set of live applications that can rely on the <a href="https://en.bitcoinhaber.net/lido-finance-addresses-serious-security-issue-discovered-by-dwallet-labs”>security and response speed of the XRP Ledger as a credible competitor to its top counterparts.
These advancements and discussions within the XRP community reflect the ongoing efforts to balance the need for affordable transaction costs with the financial sustainability of validators. The proposed fee increase is seen as a step towards ensuring the long-term health and competitiveness of the XRP Ledger network.
The XRP Ledger’s commitment to transparency and continuous improvement positions it as a significant player in the blockchain space, ready to embrace new challenges and innovations in the rapidly evolving world of digital assets and decentralized finance.
