What’s Cooking in Fantom’s Kitchen?
Hold onto your hats, folks! Fantom Opera Network has just rolled out an innovative scheme dubbed the Gas Monetization Program. Launched on May 31, it’s an audacious move designed to sweeten the pot for developers by rewarding them with a neat 15% of the total gas fees generated by their applications. Yup, you heard it right—more gas, more cash!
How Does it Work?
Here’s the scoop: Developers of decentralized applications (dApps) sanctioned under this program can finally see their hard work pay off, literally. So far, over 12,000 FTM (Fantom’s cryptocurrency) has been doled out, which translates to roughly $3,715 as per recent values. Not too shabby!
The program is akin to the ad-revenue model popularized by giants like YouTube and Snapchat, where creators get compensated for their content. Consider this a more digital-age twist for developers, clinching the promise of a sustainable income.
Who’s in the Club?
As of now, six shiny Web3 gems have secured their place in the Gas Monetization Program, including:
- ParaSwap
- Beethoven X
- Stargate
- LayerZero
- WOOFi
- SpookySwap
These champs are already raking in rewards, proving that not all heroes wear capes—some just optimize smart contracts!
The Ugly Side: Addressing Concerns
Not everyone is throwing confetti over this program. Some folks fear it could lead developers to forge less gas-efficient contracts. After all, the more gas fees, the fatter the paycheck, right? Not quite. The Fantom team champions the argument that competition will keep developers on their toes.
“We believe app developers will still need to make gas-efficient contracts; otherwise, they’ll be outpaced by the competition,”
they stated. Plus, any app that seems to be gaming the system could find themselves out in the cold.
Setting the Ground Rules
Now, before you rush to apply, there are a few hoops to jump through. Only protocols with at least 125,000 transactions or those live on Fantom for more than three months can enter the program. The Fantom team warns: “Criteria may evolve as we assess the program’s effectiveness.” Sounds like they aren’t afraid of change!
Looking Ahead
The groundwork for this visionary initiative was laid back in December when Fantom mulled over cutting their token burn rate by 75% to fund the program. As highlighted by Fantom Foundation director and DeFi mastermind Andre Cronje, 2023 is all about gas reform to attract fresh talent and users to the ecosystem. Let’s face it, who doesn’t want to be part of a burgeoning community?
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