Vector Smart Chain Sets $4 Flat Gas Fee, Hires Ex-Citi Exec

Vector Smart Chain (VSC) has announced a major shift in its blockchain fee structure and leadership strategy, introducing a fixed $4 gas fee model and appointing a former CitiGroup executive to guide its financial growth. The twin moves signal VSC’s commitment to attracting enterprise adoption while building a more transparent and predictable blockchain ecosystem.

On Friday, May 9, VSC unveiled its new gas fee model aimed at eliminating one of crypto’s longstanding pain points: unpredictable transaction costs. Going forward, every transaction on the network will carry a flat $4 fee, a structure VSC says is carefully calibrated to maintain both network security and accessibility.

“The $4 gas fee isn’t arbitrary—it’s carefully designed to balance network security and accessibility. We’re removing the guesswork from blockchain,” a VSC spokesperson said. The chain’s hybrid consensus mechanism, offering high throughput and near-instant finality, is tailored for enterprise use cases where consistency and speed are paramount.

In a move designed to make the token economy more deflationary and transparent, VSC also introduced a burning mechanism tied to its new model. With each transaction, $1 worth of VSC tokens will be burned, directly reducing token supply in step with network activity.

Coinciding with the fee model rollout, VSC announced the hiring of Peter Ritchie, a former Chief Financial Officer at CitiGroup Finance. Ritchie will serve as Strategic Finance Executive Consultant, tasked with shaping VSC’s global financial roadmap and reinforcing ties with institutional clients.

“This isn’t just about blockchain—it’s about building a transparent, resilient financial future. VSC is uniquely positioned to lead that evolution,” Ritchie said. His role will also involve overseeing VSC’s sustainability efforts, including its goal of achieving carbon-neutral operations.

The announcement comes as momentum builds for VSC in the broader crypto landscape. BESC Exchange recently revealed plans to migrate from Solana to VSC, citing the network’s infrastructure and economic design as offering greater potential for long-term growth.

Together, the fixed fee model and seasoned financial leadership suggest VSC is positioning itself not just as another Layer 1 solution, but as a platform built with institutional and enterprise-grade reliability in mind.