Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
The gas monetization functionality encourages a more inclusive and robust developer ecosystem on the Fantom platform.
Blockchain protocol Fantom (FTM) announced on Twitter that it has released a gas monetization feature that will enable its developers to receive 15% of the gas commissions generated.
With this groundbreaking development, Fantom is set to revolutionize the landscape of decentralized application (dApp) development and incentivize developers to build innovative solutions on its blockchain platform.
Based on the data provided, Fantom’s current available funds for the program amount to 10,492 FTM. Out of the total available funds, 514 FTM has been distributed, while the total generated funds amount to 11,006 FTM. While Fantom did not give further details about the update, some Twitter users have asked a variety of questions such as whether the incentive will also be beneficial to investors as rewards.
Notably, gas fees have long been a source of concern among blockchain developers and users. These fees are essentially transaction charges incurred when executing operations on a blockchain network, and they are critical in ensuring the network’s security and integrity.
However, they can frequently constitute a barrier to entry for developers, particularly in times of high network congestion which causes soaring gas prices. Therefore, Fantom’s gas monetization functionality strives to address this issue by giving developers a unique opportunity to recoup a percentage of the gas revenues generated through their dApps.
Meanwhile, Fantom is not the first platform to consider developers in terms of hefty gas fees. In the past, Polygon, Ethereum’s Layer-2 scalability platform, agreed on a hardfork to handle gas spikes and chain reorganization problems.
Advantages of Fantom’s Gas Monetization Feature
The gas monetization functionality encourages a more inclusive and robust developer ecosystem on the Fantom platform. It will encourage developers to contribute their ideas and expertise, knowing that they will be rewarded for their work.
This incentive structure could attract a diverse variety of developers, resulting in more creativity and a wider selection of high-quality DApps on the Fantom network. This can create a stronger incentive for developers to hold onto their earned tokens, as their value is tied to the success and growth of the Fantom platform.
Increased token holding among developers can reduce sell pressure in the market, potentially stabilizing or positively influencing the token’s price. Recall that the Fantom token has witnessed a more severe drop in value in recent times, which has raised concerns for investors.
In addition to benefiting developers, this feature also offers advantages to the Fantom ecosystem as a whole. By encouraging more developers to join the platform and build on Fantom, the network stands to gain a richer assortment of applications and services.
This, in turn, can drive user adoption and increase overall network usage, further solidifying 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.