Thursday, June 20, 2024

Fantom Blockchain to Return 15% of Gas Fees to Boost Network Usage – Here’s What You Need to Know Today.

The “dApp Gas Monetization Program,” a brand-new Fantom (FTM) blockchain effort, aims to reward projects that use its network and contribute to rising gas cost utilization.

The new initiative, which recently won endorsement from the community in a governance vote, aims to dedicate a part of Fantom’s network fees to developing decentralized apps (dApps).

The Fantom team revealed over the weekend that with the new scheme, qualifying applications will now get 15% of the gas fees they produce, giving developers a new source of cash.

According to the team, the program would promote the creation of in-demand applications, keep developers on board, and support a vibrant ecosystem on its blockchain platform.

The scheme attempts to create demand for block space and sustain the network’s infrastructure by lowering Fantom’s burn rate from 20% to 5%.

Andre Cronje, a former DeFi member and co-founder of Fantom, was one of those who broke the news.

Cronje, who previously invented the DeFi protocol Yearn Finance (YFI) and is well-known for his love/hate relationship with DeFi, responded to his 384,000 Twitter followers on Sunday: “Next step towards the decentralized web.”

Users of blockchains contribute to the total costs of running on the network by paying gas fees in the chain’s native token, in this case, FTM.

While Fantom fees are often minor, they mount up over time and negatively affect users of Fantom-based projects.

A reliable source of revenue

Sam Harcourt, the director of business development for the Fantom Foundation, commented on implementing the fee rewards program by saying that decentralized application developers on Fantom can anticipate “quite a steady source of income.”

Through the assistance of this initiative, the speaker explained that application developers will no longer have to rely on funding from “mercenary VCs” who may offer unfavorable valuations. They also won’t have to resort to potentially risky token launches.

Notably, the introduction of the gas monetization scheme has already had encouraging results, with decentralized exchange SpookySwap earning 978 FTM (about $330) and cross-chain bridge Stargate Finance obtaining 8,300 FTM (worth over $2,700) within hours of the program’s launch.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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