In a recent tweet, developers announced that the Fantom blockchain plans to incentivize projects that make use of its network and contribution to the high usage of gas fees. The aim is to stimulate greater demand for block space.
Developers stand to receive an additional income boost as eligible applications will be granted a 15% reward based on the gas fees they generate. This incentivization program offers a great opportunity to earn some extra income.
Earlier this, the community governance vote approved a strategic incentive known as the “dApp Gas Monetization Program.” as part of this planned move, developers will now be able to participate in the program, unlocking exciting opportunities for monetizing.
The objective of the proposal was to decrease Fantom’s current burn rate, thus enabling a greater portion of network fees to be channeled directly toward applications developed on Fantom. With the approval of the proposal, the implementation will bring down Fantom’s burn rate from 20% to 5%, while redirecting the resulting 15% reduction toward gas monetization.
By implementing gas monetization, in-demand applications will be rewarded, developers will be retained, and Fantom’s network infrastructure will receive support.
Gas fees on Fantom are paid by blockchain users using the native token (FTM). while these fees may seem small per transaction, they accumulate over time and become a significant burden for users of Fantom bases projects.
After the announcement, the FTM token experienced a notable surge of 5.35% on Sunday. As of now, the current price of FTM is trading at the $0.3398 level.
Subscribe to The crypto Times to stay updated on DeFi activities !!
