Fantom Plans to Reimburse Certain Projects By Returning 15% of The Token Fees

Fantom

Fantom Blockchain will Reward Projects that use its Network and Contribute to Higher Gas Fees.

This initiative aims to increase demand for block space and add value to FTM tokens. Developers announced this plan in a tweet on Sunday.

JOIN CRYPTOS HEADLINES TELEGRAM CHANNELTelegram Logo

Developers who meet the criteria will receive 15% of the gas fees they generate as a reward, giving them additional income.

This is a program called the “dApp Gas Monetization Program” that was approved through a community vote earlier this year.

The proposal aimed to decrease the rate at which Fantom tokens are burned and instead allocate more network fees to applications on the Fantom blockchain. With the proposal approved, Fantom’s burn rate will be reduced from 20% to 5%, and the remaining 15% will be used for gas monetization purposes.

Also Read This Related: Fantom Foundation, Justin Sun, and HashKey Respond to Multichain Challenges

The gas monetization program aims to reward popular applications on the Fantom blockchain, ensuring developers are motivated to continue building on the platform and supporting Fantom’s network infrastructure.

Centered JavaScript

Gas refers to a fee paid by users on the blockchain, in this case using the native token called fantom (FTM). While the fees per transaction on Fantom are small, they accumulate over time and can have a significant impact on the users of Fantom-based projects.

Just hours after the implementation of the monetization program, data indicates that some projects are already experiencing its benefits.

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.

You Should Definitely Visit And Join Cryptos Headlines Family: https://linktr.ee/cryptosheadlines.com

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

    View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *