Fantom has advanced the cause of retaining developers and creators on the network by monetizing the gas for decentralized applications that are of high quality. The Gas Monetization Program by Fantom aims to reward the said dApps with 15% of the gas fees that they make up for. Developers will, therefore, now see a way to pocket some extra income.
The governance protocol announced by Fantom is a step to ensure that it continues to implement the sustainable monetization practice. Fantom’s objective, however, is to lower the burn rate, which currently stands at 20%. Assuming the policy finds its way to the final table and then the community, it is estimated to reduce the burn rate to a flat 5%. That will give a margin of 15% which is to be directed toward gas monetization.
To reiterate, it will be exclusively for high-quality dApps along with talented creators also to support its network infrastructure.
Per an announcement by Fantom, the Gas Monetization Program is similar to the model that is run by Web2 social platforms. They rely on ad monetization and the success of content creators. Similarly, Fantom, or any other platform for that matter, focuses majorly on driving the demand for block space.
The relationship between the blockchain and dApp is crucial for success. Fantom has basically restructured the entire model of Web3 and customized it in accordance with the way in which the stage for decentralized applications has been set. The ad monetization model has been reset to gas monetization for applications that perform better and attract a steady stream of users.
Statistics for Fantom, while drafting this article, stand at:
- 10,548 FTM funds available
- 514 FTM distributed funds
- 11,062 FTM generated funds
Stargate Finance is leading the chart among all other projects with total transactions of 734,287. It is followed by LayerZero, with 153,901 total transactions. SpookySwap has a higher number of transactions but lacks total rewards, with the number at 942.64 FTM in comparison to 1,136.08 FTM for LayerZero.
The community has responded positively to the development, with a Twitter user even committing that they look forward to building their projects on Fantom. Some of them have expressed their opinion for a better future. For instance, a Twitter user who goes by the name Fromage Head has said that they wish to see some sort of multiplier for protocols that are attempting to bring down gas costs altogether.
There are questions about why users would want to build on Fantom. Andre Cronje. A Co-Founder & Architect at Fantom has answered that, saying that the network offers the fastest confirmation times of sub 900 ms finality. This is one of many benefits, but Gas Monetization Program forms a core part of the set. It allows the entire team to take home 15% of the gas that is spent on their contract. Furthermore, the gas subsidy was announced, expressing that wallets without FTM can interact with a developer’s dApp.