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Crypto News

Tezos to reduce smart contract gas fee by 75%, targeting DeFi developers

Nicholas Say
Nicholas Say

Tezos (XTZ) successfully completed their new update, "Delphi,"which targets reducing smart contract gas charges by 75% in strategy to garner the developers in decentralized finance (DeFi) to build on their blockchain.

The concept of Delphi was speculated on October 3. It is a joint venture between the companies Nomadic Labs, Metastatic and Gabriel Algour, which aims to enable people to build smart Tezos contracts. The implementation is, "crucial to enable novel applications on Tezos that target areas like DeFi, collectibles, and gaming," according to a joint statement of the developers at Delphi.

They said,

The size and complexity of smart contracts is limited by gas constraints and so people attempting to build contracts with rich functionality have needed improvements to those constraints for some time.”

The Delphi upgrade involved optimization of gas measurements, reducing managers' operations base costs from 10,000 to 1,000 gas units and introducing new cost models for form controls and IOs.

CEO of Crypto Telegram Groups platform commented:

"Through upgrading, transactions on Tezos blocks now faster with four times more multi-asset transfers, whilst contracts can make 10 times more internal calls than they could before the implementation. Delphi is also cutting storage costs in Tezos by four, from 1 XTZ per kilobyte to 0.25 XTZ. XTZ traded $2.06 each now."