{"id":41621,"date":"2022-12-01T18:25:34","date_gmt":"2022-12-01T22:25:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41621"},"modified":"2022-12-01T18:25:36","modified_gmt":"2022-12-01T22:25:36","slug":"fantom-wants-to-cut-token-burn-rate-to-fund-dapp-rewards-program","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fantom-wants-to-cut-token-burn-rate-to-fund-dapp-rewards-program\/","title":{"rendered":"Fantom wants to cut token burn rate to fund dApp rewards program"},"content":{"rendered":"\n
This proposal seeks to reduce Fantom\u2019s current burn-rate in order to redirect more network fees directly to dApps<\/a> building on Fantom.<\/h5>\n\n\n\n
\"Fantom
Fantom wants to cut token burn rate by 75% to fund dApp rewards program<\/figcaption><\/figure>\n\n\n\n

In a fresh proposal dated December 1, the directed acrylic graph network Fantom proposes to introduce a network gas fee-based affiliate program for its dApp developers. <\/p>\n\n\n\n

The Fantom community has suggested reducing the protocol's current FTM token burn rate<\/a> from 20% to 5% in order to finance this endeavor. <\/p>\n\n\n\n

“We take what works in web2 and restructure it to fit the network's priorities, which means taking the ad monetisation model and extending it to gas monetisation for performing dApps that manage to attract a steady stream of users.”<\/p>\n\n\n\n

The development team went on to explain that Fantom's Opera network\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> [native dApp builder] aims to “attract and retain high-grade talent continuously” in the Web 3.0 sector rather than “directly competing against Youtube or Twitter.” <\/p>\n\n\n\n

DApps must have registered 1,000,000 or more transactions and have spent at least three months on the Fantom Opera network in order to be eligible for the reward. Developers can then claim 15% of the total gas expenses used for their dApp after receiving approval.<\/p>\n\n\n\n

\n

\ud83d\udce2 New governance proposal: dApp Gas Monetization Program

This gas monetization program will seek to reward high-quality dApps, retain talented creators, and support #Fantom<\/use><\/svg><\/span><\/a>\u2019s network infrastructure.

Read the full details\ud83d\udc47https:\/\/t.co\/GVBAWXqXBO<\/use><\/svg><\/span><\/a><\/p>— Sonic (@SonicLabs) December 1, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Fantom Foundation, however, stated that it “reserves the right to halt any payment stream indefinitely for any reason, including if the Foundation suspects fraudulent user activity<\/a> or if the Foundation believes it is in the best interests of the Fantom ecosystem.”<\/p>\n\n\n\n

Since the Fantom mainnet became online in 2019, a total of 8.36 million FTM tokens have been burned. The proposal is currently up for vote, and in order to pass, there must be at least 55% of FTM token holders present.<\/p>\n","protected":false},"excerpt":{"rendered":"

This proposal seeks to reduce Fantom\u2019s current burn-rate in order to redirect more network fees directly to dApps building on Fantom. In a fresh proposal dated December 1, the directed acrylic graph network Fantom proposes to introduce a network gas fee-based affiliate program for its dApp developers. The Fantom community has suggested reducing the protocol’s […]<\/p>\n","protected":false},"author":43,"featured_media":41624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[12498,202,870],"class_list":["post-41621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-auros","tag-blockchain","tag-technology"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/20221201_231428_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41621"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41624"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}