In a recent tweet, Charlie Lee claimed that Litecoin should undergo a soft fork that will let miners signal their minimum accepted fee in the block header, which should let a fee market develop without having developers to decide what the minimum fee is. Also, it will make it easier for users to estimate fees.
1/ Technical info:
Use 5 of the version bits (fee_bits) to specify min fee rate
min_fee_rate = 2^fee_bits (in litoshi)
Soft fork enforces that all transaction in that block has a fee rate higher than min_fee_rate and that fee_bits is set to highest possible. https://t.co/F4vSlqzN5l
— Charlie Lee [LTC] (@SatoshiLite) 6 January 2018
Moreover, he stated that for the next release of Litecoin reference client, they will reduce the relay fees from 0.001 LTC/kb ($0.30/kb) to 0.00001 LTC ($0.003/kb). Once people are using the new relay fees, the actual minimum fee will be reduced to 0.0001 LTC/kb ($0.03/kb). The upgrade is stated to happen within a week time.
Charlie Lee stated that miners can choose to not mine low fee transactions to signal to the market to increase the fees, which should help create a fee market. The other important thing is that the developers will be removed from deciding and changing what the minimum fee and relay fee is.
At the moment of press, these are main market parameters of Litecoin:
- Average price: $298,78
- Marketcap: $16 329 161 287
- 24h volume: $1 305 250 000