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New Tezos Protocol Reduced Smart Contract Gas Fees by 75%

By Shannon Wilson | November 14, 2020

Tezos is reportedly going to finalize the implementation of a protocol upgrade designed to bring down smart contract gas fees by around 75%, in a bid to make it more attractive to DeFi developers. 

Specifically, Tezos (XTZ) – a coin ranked in the list of highest market cap – has reportedly managed to finalize its most recent upgrade – “Delphi” – designed with a primary goal to cut down smart contract gas fees by 75%, to bring more DeFi developers to its platform. 

Delphi is reportedly a collaborative project of Nomadic Labs, Metastatic, and Gabriel Algour, looking to “help individuals developing smart contracts on Tezos”, and was put up for approval on Sept. 3. 

As disclosed via a joint announcement from Delphi’s developers, the upgrade plays a vital role in activating “novel applications on Tezos that target areas like DeFi, collectibles, and gaming.”

“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.”

Tezos is a fourth-generation blockchain platform that employs proof-of-stake, as well as offers support for smart contracts and DApps. 

The Delphi upgrade reportedly comes with optimizations to gas computation, with a reduction in the base cost of manager operations from 10,000 to 1,000 gas units, and implementation of new cost models for type checking and IOs.

“The benefits will be most visible in large and complex contracts involving multiple calls to other contracts and substantial computation.”

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