The blockchain platform, Fantom has previously pledged to cut its token burn rate by 75% to incentivize DApp development.
Decentralized finance (DeFi) architect Andre Cronje underlined objectives and ambitions for the Fantom (FTM) ecosystem in a fresh Medium article that was published.
Cronje, who has previously developed protocols like Yearn Finance and Keep3rV1, also said that he accepted a position as a board member for both Fantom Foundation Ltd and Fantom Operations Ltd, which in turn manages the ecosystem for the named directed acrylic graph.
“Our overarching objective over the next 12 months will be towards creating an environment for dapp developers to build out sustainable businesses, while differentiating ourselves from other layer 1 solutions.”
Gas monetization, which would permit revenue sharing for decentralized applications, or DApps, as a development incentive, is one of the key components of Cronje’s 2023 plan.
Additionally, the blockchain platform DApps would be able to communicate without requiring a wallet to cover the gas subsidies on its own. Users are not required to have or be aware of FTM during onboarding, according to Cronje.
‘Gas reform’ also eliminates distinctions between smart contracts and externally controlled accounts, enabling anyone to start a transaction and pay for gas.
On the protocol, other tokens besides FTM would also be acceptable for usage as gas costs.Cronje intends to concentrate on creating the Fantom Virtual Machine and a new storage mechanism in terms of future innovations. Regarding the protocol’s accounting, Cronje wrote:
“As has been communicated publicly, we are in a very sustainable and healthy position given the current economic climate, and especially compared to 2018. This is finally one threat to our existence we do not have to be too concerned about.”
The blockchain platform revealed intentions to reduce its token burn rate by 75% to fund its DApp reward program, as was previously reported. To qualify for awards, DApps must have recorded 1,000,000 transactions or more and have used the Fantom Opera network for at least three months.
