Fantom to pay 15% of token fees to select projects
Developers announced on Sunday via a tweet that the Fantom blockchain will reward projects that utilize its network and help increase the usage of gas fees. Eligible applications will receive 15% of the gas fees they generate, providing developers with additional income. This initiative is part of a program called the “dApp Gas Monetization Program,” which was approved through a community governance vote earlier this year. The proposal aimed to reduce Fantom’s current burn rate and redirect more network fees to applications building on the platform. The implementation of this program will reduce Fantom’s burn rate from 20% to 5% and redirect the 15% reduction towards gas monetization. This gas monetization program will reward high-demand applications, retain developers, and support Fantom’s network infrastructure. Gas fees refer to fees paid by blockchain users in the native token of that blockchain, such as Fantom (FTM) in this case. Although fees on Fantom are fractions of a few cents per transaction, they can add up to a significant amount over time, which is borne by the users of Fantom-based projects. Data shows that some projects have already benefited from the monetization program just hours after its implementation on Sunday. For example, cross-chain bridge Stargate Finance has received 8,300 FTM, worth just over $2,600 at current prices, while decentralized exchange SpookySwap earned 978 FTM, or just over $300. This text was edited by Parikshit Mishra.