The Gas Monetization feature encourages a more inclusive and robust developer ecosystem on the Fantom platform.
Fantom Blockchain Protocol (FTM) announcement on Twitter that it posted a gas monetization feature that will allow its developers to receive 15% of the gas commissions generated.
With this groundbreaking development, Fantom is poised to revolutionize the decentralized application (dApp) development landscape and inspire developers to build innovative solutions on its blockchain platform.
Based on the data provided, Fantom’s currently available funds for the program amount to 10,492 FTM. Of the total funds available, 514 FTM were distributed, while the total funds generated amounted to 11,006 FTM. Although Fantom did not give more details about the update, some Twitter users asked various questions, such as whether the incentive will also benefit investors as rewards.
Notably, gas fees have long been a source of concern among blockchain developers and users. These fees are essentially transaction fees incurred when performing operations on a blockchain network, and they are essential to ensure the security and integrity of the network.
However, they can frequently act as a barrier to entry for developers, particularly in times of heavy network congestion which leads to skyrocketing gas prices. Therefore, Fantom’s gas monetization feature strives to solve this problem by providing developers with a unique opportunity to recoup a percentage of the gas revenue generated by their dApps.
Meanwhile, Fantom is not the first platform to consider developers in terms of high gas fees. In the past, Polygon, Ethereum’s layer 2 scalability platform, agreed to a hardfork to deal with gas spikes and on-chain reorganization issues.
Benefits of Fantom’s Gas Monetization Feature
The Gas Monetization feature encourages a more inclusive and robust developer ecosystem on the Fantom platform. This will encourage developers to contribute their ideas and expertise, knowing that they will be rewarded for their work.
This incentive structure could attract a wide variety of developers, resulting in more creativity and a wider selection of high-quality DApps on the Fantom network. This can further incentivize developers to keep their earned tokens, as their value is tied to the success and growth of the Fantom platform.
Increased holdings of tokens among developers can reduce selling pressure in the market, potentially stabilizing or positively influencing the price of the token. Recall that the Fantom token has experienced a more severe drop in value lately, which has raised concerns among investors.
In addition to benefiting developers, this feature also provides benefits to the Fantom ecosystem as a whole. By encouraging more developers to join the platform and build on Fantom, the network is expected to gain a richer assortment of apps and services.
This, in turn, can drive user adoption and increase overall network usage, further strengthening Fantom’s position as a leading blockchain platform. By introducing this innovative incentive model, Fantom is taking a proactive step to nurture its developer community and encourage the creation of cutting-edge decentralized applications.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real-world applications of blockchain technology and innovations to drive mainstream acceptance and global uptake of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a sports and agriculture enthusiast.