Monday 30 January 2023
Home / none / Fantom wants to cut token burn rate by 75% to fund DApp rewards program

Fantom wants to cut token burn rate by 75% to fund DApp rewards program

According to a new proposal dated Dec. 1, directed acrylic graph network Fantom seeks to implement an affiliate program for its decentralized application (DApp) developers with network gas fees. To fund this venture, the Fantom community has proposed slashing the protocol’s current FTM token burn rate from 20% to 5%. In supporting the proposal, Fantom developers wrote:

“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.”

The development team further elaborated that Fantom’s Opera network [native DApp builder] “is not directly competing against Youtube or Twitter,” but seeks to “attract and retain high-grade talent continuously” in the Web3 space. To qualify for the potential incentive, DApps must have recorded 1,000,000 or more transactions and have spent three months or above on the Fantom Opera network. Upon approval, developers can then claim 15% of the total gas fees spent on their DApp.

However, the Fantom Foundation said that it “reserves the right to halt any payment stream indefinitely for any reason, including if fraudulent user activity is suspected or if the Foundation believes it is in the best interests of the Fantom ecosystem.” Currently, a total of 8.36 million FTM tokens have been burned since the Fantom mainnet went live in 2019. Voting for the proposal is ongoing and requires a minimum of 55% turnout from FTM tokenholders to pass.

Original Article

About Jude Savage

Check Also

Solana price rally risks exhaustion after SOL’s 120% pump in two weeks

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overboughtSolana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below. SOL/USD daily price chart. Source: TradingViewTraditional investors typically see an overbought RSI as a potential sell signal, given the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL's price could enter a correction or a sideways consolidation stag..

Leave a Reply

Your email address will not be published. Required fields are marked *