In a bold move to energize its decentralized application (DApp) ecosystem, Fantom has unveiled a proposal aimed at implementing an affiliate program for developers, funded through the network’s gas fees. As outlined in a document dated December 1, the plan includes slashing the current FTM token burn rate dramatically from 20% to just 5%. Yes, you heard that right—turn down the burn and turn up the bucks!
Transforming Gas Fees Into Developer Rewards
The rationale behind this proposal is straight from the playbook of successful web2 models. Fantom’s developers stated,
“We take what works in web2 and restructure it to fit the network’s priorities.”
The focus here is on extending the ad monetization model into what they call gas monetization, rewarding DApps that manage to win the hearts—and wallets—of users. But it’s not just about any DApp; only those that have garnered a minimum of 1,000,000 transactions and have been operational for three months on the Fantom Opera network will qualify for this incentive. Talk about high standards!
Who Says Web3 Can’t Compete?
Now, you might be wondering how Fantom’s efforts position itself in the competitive landscape of platforms like Youtube and Twitter. The Fantom development team clarified that they’re not looking to directly compete. Instead, they aim to attract and retain the best talent in the Web3 arena. It seems like the strategy here is to cultivate a thriving hub for developers instead of just playing the rewiring game with existing web giants.
Claiming the Rewards
- Once approved, developers can claim a juicy 15% of the gas fees spent on their DApp. Yes, money for effort—now, that’s an incentive!
- However, there’s a catch: the Fantom Foundation maintains the right to halt any payment stream indefinitely for various reasons, including suspected fraudulent activity. So, if you’re plotting any creative schemes, think twice!
A Bit of History
Since the launch of the Fantom mainnet in 2019, an impressive total of 8.36 million FTM tokens have been burned. This shows a commitment to reducing supply while simultaneously enticing new app developers to join the fun. The community is buzzing, and voting on this new proposal is currently in progress, requiring a minimum turnout of 55% from FTM token holders to pass. If you’re holding those tokens, it looks like your voice will echo loud and clear!
The Road Ahead
Whether this proposal will pave the way for innovation and growth within the Fantom ecosystem remains to be seen. But one thing’s for sure: building a more rewarding environment for DApp developers could just be what’s needed to elevate Fantom to new heights. So, hold onto those tokens tightly, folks, because we are in for a ride!
