Fantom’s Gas Monetization Program is Now Active, Allowing dApps to Earn Rewards, through the Gas Monetization Program and Now Eligible to Receive 15% of Generated Gas Fees as Rewards.
Fantom recently surprised its developers with a rewarding announcement. On May 31, the Fantom Opera network team introduced the Gas Monetization Program. This program aims to support talented developers of decentralized applications (dApps) by offering them a sustainable income. Eligible developers can now earn a 15% share of the gas fees generated by their apps.
In their press release, Fantom stated that they took inspiration from the successful advertising revenue model used by platforms like YouTube and Snapchat in the traditional Web2 space. The Gas Monetization Program aims to motivate developers and secure the long-term sustainability of the Fantom ecosystem. By implementing this program, developers now have the opportunity to capitalize on the popularity and usage of their applications.
Gas Monetization on #Fantom is live! ⛽
The program provides dApps with a sustainable income by offering them a 15% share of the gas fees they generate.
Over 12,000 $FTM has been distributed thus far 👇https://t.co/BqpuKtrZh0
— Fantom Foundation (@FantomFDN) May 31, 2023
Unlocking Shared Advantages
Since December, Fantom has been getting ready for the Gas Monetization Program by making necessary preparations. As part of this, they proposed reducing the rate at which tokens are burned in order to secure funds for the program. Additionally, the Fantom team has set their sights on prioritizing “gas reform” throughout 2023, with the goal of attracting more developers and users to the network.
To qualify for the program, decentralized applications (dApps) need to have been actively operating on the Fantom network for at least three months and have completed over 125,000 transactions. Currently, six Web3 apps, including ParaSwap, Beethoven X, Stargate, LayerZero, WOOFi, and SpookySwap, have met the requirements and been approved. Together, these apps have earned around $3,715 in rewards.
Fantom has recognized concerns about developers being tempted to create contracts that consume more gas in order to earn higher rewards. However, Fantom emphasizes that optimizing gas usage is still crucial for the success of decentralized applications (dApps). The program will suspend any apps that misuse it, ensuring fairness and sustainability for all developers.
Fantom has launched the Gas Monetization Program to support and empower developers on their open-source blockchain platform. The program aims to create a sustainable environment for dApp development on Fantom.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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