Fantom, a layer-1 blockchain platform, has reduced the validator self-staking requirement by 90%, making it easier for users to run nodes and secure the network.
The platform has lowered the validator self-staking requirement from 500,000 FTM to 50,000 FTM, a 90% reduction. This means users can now run a validator node on the Fantom network with less than $20,000 worth of FTM tokens based on the current price.
The decision to lower the staking threshold was made following a governance vote that concluded in June 2023. The Fantom Foundation said that the change was aimed at increasing the decentralization and security of the network by allowing more users to participate in the validation process.
Validators are the entities that lock up a certain amount of tokens to process transactions and maintain the network’s integrity. On Fantom, validators confirm transactions individually and share them with others, unlike on Ethereum, where all validators confirm the same transactions. This allows Fantom to achieve fast and final transactions with low fees and high throughput.
By lowering the staking threshold, Fantom hopes to attract more validators to the network, making it more distributed and resilient. “By having more validators, a network makes it increasingly challenging for malicious actors to launch an attack,” the Fantom Foundation said in an X post on Tuesday.
Fantom is one of the many layer-1 blockchain platforms competing for users and developers in the crypto space. The platform offers a superior user experience, with sub-second transaction finality, low gas fees, and high scalability. The platform also supports smart contracts, decentralized applications, and interoperability with other blockchains.
Fantom has seen significant growth in its user base and ecosystem in the past year. According to its website, the platform currently hosts over 300 decentralized applications, with over 1.5 million users and over $2 billion in total value locked. It also boasts of a strong community of developers and enthusiasts who contribute to the innovation and improvement of the platform.
The Fantom Foundation regularly hosts hackathons, grants, and bounties to encourage the development of new projects and features on Fantom.
