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Testnet Zahir 13.2: network usage becomes 10X cheaper

Mar 19, 2024

AI Summary

Here's your AI summary of Testnet Zahir 13.2: network usage becomes 10X cheaper on Aleph Zero blog

Top 10 key takeaways:

  1. Transaction Fee Reduction: The latest Testnet Zahir 13.2 update reduces transaction fees by a factor of 10.
  2. Cost Efficiency: A single transaction on Aleph Zero now costs significantly less, averaging just 0.00003 AZERO.
  3. High-Frequency Usage: The reduced fees make the network more suitable for high-frequency trading, DeFi, and large-scale enterprise use cases.
  4. Spam Protection: Despite lower fees, the network remains protected from spam through a dynamic fee adjustment mechanism.
  5. Dynamic Fees: Transaction fees will vary based on network usage and required storage, but the baseline is now much lower.
  6. Consumer Underflow Fix: The update includes a fix for the consumer underflow issue in controller accounts with different stash accounts.
  7. Mainnet Integration: Changes tested on the Testnet will eventually be implemented on the Mainnet, benefiting real-world applications.
  8. Validator Update: Testnet validators are required to update their nodes following specific procedures outlined in the update.
  9. Support Channels: Validators can seek support and more information through Aleph Zero's Discord channels and GitHub release notes.
  10. Community Gratitude: Aleph Zero expresses gratitude to its community for their ongoing support and participation in the project.
AI Summary

The latest Testnet Zahir 13.2 update is here, bringing reduced transaction fees by a factor of 10 to better prepare the network for high-frequency usage. Here are all the details!

Aleph Zero is known as the layer-1 blockchain with instant finality and low transaction fees. A single transaction made on Aleph Zero costs–on average–just 0.0003 AZERO and is adjusted dynamically according to the network usage. Now, we’ll have to move that decimal because the transactions have been lowered even further!

Preparing the chain for large-scale use cases

The transaction fees are being reduced by an incredible magnitude of 10X, a number that is sure to make Aleph Zero even cheaper to interact with. This makes the blockchain even more suitable for housing High-Frequency Trading, High-Frequency DeFi, or other large-scale enterprise use cases.

It’s important to note that the network is still protected from spam, with a dynamic fee adjustment mechanism that accounts for network usage, required storage, and more. Therefore, the actual transaction fees will vary, but the baseline will now be low enough to make the fees affordable even when operating on a large scale and with high frequency.

Additionally, the upgrade will also introduce a fix to the consumer underflow for controller accounts that have different stash accounts.

Aleph Zero’s proactive measures to enhance competitiveness signify a pivotal moment in the development of the network as these changes, once explored on the Testnet, will make their way to the Mainnet to benefit Aleph Zero and the real-world applications pioneered by the ecosystem projects. 

Testnet Validators, now it’s your turn!

We ask all Testnet validators to update their nodes as soon as possible. The update procedure follows the same steps as previous updates, with users needing to modify their `aleph-node-runner` to run the `run_node.sh` script (there’s no need to stop the container anymore), and users building from source should switch to the `r-13.2` tag in the `aleph-node` repository.

Head over to the Validator-related channels on Aleph Zero Discord for support and more information! You can also read the full release notes on our Git Hub.

Stay tuned for the next update, and as always, we are grateful to all of you for being a part of the project!