Advertisement
AD

Main navigation

Fantom's Key Governance Proposal Has Passed, Here's What It Is For

Advertisement
Thu, 5/01/2023 - 10:29
Fantom's Key Governance Proposal Has Passed, Here's What It Is For
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Fantom Foundation recounts 2022 as being full of achievements and progress, and it does not intend to slow down. In this light, it revealed one of its key priorities for 2023, which is gas monetization.

Advertisement

This hopes to provide strong dApps teams with a sustainable income through revenue sharing based on the gas used by their dApps. Fantom also aims to introduce gas subsidies as a means of incentive, allowing builders to interact with dApps without having to pay gas fees themselves.

In a step forward, Fantom's latest governance proposal bringing gas monetization to successful dApps has passed. Besides optimizing demand for block space, the implementation aims to reward quality creators on Fantom in a way similar to affiliate incentives.

Gas monetization would be beneficial to Fantom's ecosystem of builders by introducing a new revenue source, which monetizes the volume of transactions generated by their dApps.

Related
Fantom Price Spikes on Speculation of Andre Cronje's Return, But TVL Drops

The dApp gas monetization takes the framework of a revenue model that is already prevalent in Web2 (ad monetization) and adjusts it to incentivize developers building on the Fantom network.

This is accomplished by reducing the burn rate from 20% to 5% and redirecting 15% toward gas monetization. However, Fantom explains that a separate governance proposal might be passed to make the figures quoted above permanent, so they might be liable to change in the future.

According to the Fantom Foundation, a successful governance proposal would complement the next phase of growth on Fantom by introducing long-term monetization tools.

Other major advancements on its radar include account abstraction, which will no longer differentiate between EOA accounts (which are accounts owned by a single person) and contracts; a new middleware, specifically the Fantom Virtual Machine and new storage mechanisms.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles