Vector Smart Chain has appointed an executive from a former Citigroup and will introduce a fixed gas pricing model.
Gas fees have long been the source of crypto uncertainty. On Friday, May 9th, Vector Smart Chain introduced a fixed gas pricing model aimed at balancing security, stability and scalability on the network.
All gas fees in the Vector Smart Chain cost a flat rate of $4 and are offered to users who increase predictable costs and confidence, especially among enterprise clients, the main focus of VSC. The chain’s hybrid consensus mechanism highlights high throughput and institute finality, making it attractive to corporate users.
“The $4 gasoline rate is not arbitrary. It’s carefully designed to balance network security and accessibility. It removes guesswork from the blockchain,” a VSC spokesman said.
Additionally, this model is designed to create VSC Deflation in a predictable way. Each transaction consumes exactly one dollar worth of VSC token, resulting in a decrease in total supply proportional to network activity.
Vector Smart Chain appointed former CityGroup executive
Alongside the deployment of the new gas model, VSC has announced the appointment of former Chief Financial Officer of Citigroup Finance. Peter Ritchie will be participating in the Layer 1 network as a strategic financial executive consultant to help the platform advance its long-term financial strategy.
“This is not just about blockchain, it’s about building a transparent, resilient economic future. VSC is uniquely positioned to lead its evolution,” says VSC Peter Richie.
Richie will guide VSC’s global financial roadmap to ensure that its economic model remains sustainable. He will also work to strengthen network integration with institutional and corporate clients. Additionally, Richie will play a role in the VSC’s efforts to achieve a state of carbon neutrality.
VSC has already gained traction. Recently, BESC Exchange announced it would be migrating from Solana to VSC, saying its network infrastructure and economic model are the most likely growth.
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