Vector Smart Chain has appointed a former CitiGroup executive and implemented a fixed gas fee model
Gas fees have been a source of ambiguity in the cryptocurrency industry for an extended period. Vector Smart Chain implemented a fixed gas fee model on Friday, May 9, to balance scalability, stability, and security within the network.
A flat rate of $4 will now be charged for all petroleum fees on Vector Smart Chain. This will provide users with predictable costs and increase confidence, particularly among enterprise clients, who are a primary focus of VSC. The hybrid consensus mechanism of the chain is particularly appealing to corporate users due to its emphasis on high throughput and near-instant finality.
VSC spokesperson said:
“The $4 gas fee isn’t arbitrary—it’s carefully designed to balance network security and accessibility. We’re removing the guesswork from blockchain,”
Furthermore, this paradigm is intended to induce deflation in VSC predictably. The total supply of VSC tokens will be reduced in proportion to network activity by burning $1 worth of tokens with each transaction.
Vector Smart Chain has appointed a former executive from CityGroup.
VSC also announced the appointment of a former Chief Financial Officer at CitiGroup Finance in conjunction with implementing its new gas model. Peter Ritchie will serve as a Strategic Finance Executive Consultant for the Layer 1 network, where he will contribute to the platform’s long-term financial strategy.
Peter Ritchie, VSC said:
“This isn’t just about blockchain—it’s about building a transparent, resilient financial future. VSC is uniquely positioned to lead that evolution,”
Ritchie will oversee the global financial roadmap of VSC and guarantee that its economic model remains sustainable. Additionally, he will focus on enhancing the network’s integration with enterprise and institutional customers. Furthermore, Ritchie will contribute to VSC’s endeavors to attain carbon neutrality.
VSC has already begun to gather momentum. BESC Exchange recently declared its intention to transition from Solana to VSC, citing the network’s infrastructure and economic model as the most promising for expansion.