According to a Medium blog post, the release of the next Litecoin Core 0.17 update will lower the Litecoin network fees by a factor of 10, bringing the transaction fees to $0.005, and back to 2015 levels.
Adrian Gallagher, the core lead developer, said that it is important to lower transaction fees, in order to encourage world-wide adoption and usage of Litecoin.
'We’re not even close to block limits and the block size on disk is pretty small relative to other coins. Technically people can already adjust their fees right now to the one above because of the more relaxed min relay/dust relay fee.'
'I also don’t think it will be too much longer before this bear market is over, so it will lay down the foundation for a fee rate which we can grow into proactively rather then re-actively.'
Gallagher believes that the bear market will be over within 3 to 6 months.
He also added that once the Litecoin fees are reduced, the fees will become insignificant, and will further attract interest from buyers, sellers, and traders.
Litecoin Core’s v.0.16.2 was released last month and included new features, various bug fixes and performance improvements, as well as updated translations.
LTC is currently trading at $53.33, according to coinmarketcap.com.