crypto.news 2025-05-09 12:59:42

Vector Smart Chain appoints former CityGroup CFO, introduces fixed gas fees

Vector Smart Chain appoints a former CitiGroup executive and introduces a fixed gas fee model. Gas fees have long been a source of uncertainty in crypto. On Friday, May 9, Vector Smart Chain introduced a fixed gas fee model aimed at balancing security, stability, and scalability on the network. All gas fees on Vector Smart Chain will now cost a flat rate of $4, providing users with predictable costs and boosting confidence, especially among enterprise clients, which are a primary focus for VSC. The chain’s hybrid consensus mechanism emphasizes high throughput and near-instant finality, appealing to corporate users. “The $4 gas fee isn’t arbitrary—it’s carefully designed to balance network security and accessibility. We’re removing the guesswork from blockchain,” VSC spokesperson said. In addition, this model is designed to make VSC deflationary in a predictable way. With each transaction, exactly $1 worth of VSC tokens will be burned, reducing total supply in proportion to network activity. Vector Smart Chain appoints former CityGroup executive In tandem with the rollout of its new gas model, VSC also announced the appointment of a former Chief Financial Officer at CitiGroup Finance. Peter Ritchie will join the Layer 1 network as Strategic Finance Executive Consultant, helping to advance the platform’s long-term financial strategy. “This isn’t just about blockchain—it’s about building a transparent, resilient financial future. VSC is uniquely positioned to lead that evolution,” Peter Ritchie, VSC. Ritchie will guide VSC’s global financial roadmap and ensure its economic model remains sustainable. He will also work on strengthening the network’s integration with institutional and enterprise clients. In addition, Ritchie will play a role in VSC’s efforts to achieve carbon-neutral status. VSC is already gaining traction. Recently, BESC Exchange announced it would migrate from Solana to VSC, citing the network’s infrastructure and economic model as offering the highest potential for growth. Read more: The paradox of progress: Blockchain’s true breakthrough lies in its constraints | Opinion