An innovative program – Fantom is a so-called EVM-Compatible blockchain. Launched in December 2019, it now ranks 14th in the blockchains DeFi with $216 million from TVL. The developers have just announced the launch of a surprising new program.
Gas monetization on Fantom: an innovative program
On May 31, the developers of Phantom announced via a blog post the launch of a new program for developers called “Gas Monetization”.
In practice, Gas Monetization is a program that offers high-quality dApps a 15% share of the gas fees they generate. It is inspired by the Web2 advertising revenue model, where platforms reward creators who contribute to their success.
Indeed, it is the applications hosted on a blockchain that make it successful. With this program, Fantom aims to attract and retain talent developers.
This program thus offers them an alternative source of income, guaranteeing a sustainable and flourishing ecosystem.
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Nowadays, six dApps participate in the Gas Monetization program. We find there two DeFi bridges with Stargate Finance et LayerZero as well as three DEX SpookySwap, WOOF et Beethoven X and finally the DEX aggregator ParaSwap. Together, these apps have already earned over 12,000 FTMs since the program launched.
When the program launched, dApps could only monetize one contract. Now, they can monetize several and benefit from monetization on all of their services.
The Earngas website allows you to view the number of transactions for each of the eligible applications as well as the pending rewards.
Obviously, the program is not open to all applications, these must respect certain conditions.
First, for a smart contract to be eligible, it must have completed at least 125,000 transactions.
Secondly, the contract must have at least three months of seniority on the network.
These criteria apply to every smart contract deployed by a dApp on Fantom. They are likely to evolve according to the evaluation of their effectiveness by the Fantom Foundation.
If the application meets these criteria, simply complete the official application form.
Rewards on Fantom: a system that can lead to abuse?
Some observers believe that this program could discourage the creation of gas-efficient contracts.
This is because higher gas fees translate into higher FTM rewards.
However, this logic has two major flaws according to the Fantom developers.
On the one hand, dApps using gas-intensive contracts become quickly catch up with the competitionto better optimized contracts.
On the other hand, the participating projects remain committed to creating gas-efficient contracts to stay competitive.
Finally, the Fantom Foundation reserves the right to suspend those who attempt to manipulate the program.
Recently, the Fantom Foundation was at the heart of the debates after a massive withdrawal of MULTI token in parallel with the problems on the Multichain protocol. This withdrawal led to a debacle of Multichain users, having a significant impact on the protocol.
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