The Fantom blockchain is now rewarding projects that utilize its network and contribute toward high usage of gas fees.
The program called the dApp Gas Monetization Program, was approved by the Fantom community earlier this year and went live on Sunday.
Under the program, eligible applications will be rewarded 15% of the gas fees they produce. This will provide developers with marginal extra income and help to drive demand for block space on the Fantom network.
Gas refers to a type of fee paid by blockchain users in the native token of that blockchain, such as Fantom (FTM) in this case.
Fees on Fantom are fractions of a few cents per transaction, but add up to a significant amount over time – one that is borne by the users of Fantom-based projects.
Data shows that some projects are already benefiting from the monetization program just hours after its Sunday implementation. For example, the decentralized exchange SpiritSwap has already earned over $10,000 in gas rewards.
The dApp Gas Monetization Program is a significant development for the Fantom ecosystem. It will help to attract new developers and projects to the network, and it will also help to support the network’s infrastructure.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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