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- The Gas Monetization program on Fantom is now operational, allowing dApps to earn rewards.
- Participating dApps can now obtain 15% of the gas fees they generate as rewards.
Fantom’s latest announcement serves as an unexpected benefit for its developers. On May 31, the team behind the Fantom Opera network introduced their Gas Monetization Program. This initiative is designed to offer qualified developers of high-quality decentralized applications (dApps) a consistent income by granting them a 15% portion of the total gas fees produced by their applications.
As stated in their press release, the Gas Monetization Program was inspired by the successful advertising revenue models of Web2 platforms such as YouTube and Snapchat. Its goal is to motivate developers and ensure the long-term sustainability of the Fantom ecosystem. Through this initiative, developers can now capitalize on the popularity and usage of their applications.
Gas Monetization on #Fantom is live!
The program provides dApps with a sustainable income by offering them a 15% share of the gas fees they generate.
Over 12,000 $FTM has been distributed thus farhttps://t.co/BqpuKtrZh0
— Fantom Foundation (@FantomFDN) May 31, 2023
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Fantom has been preparing for the Gas Monetization Program since December. This includes suggesting a decrease in the token burn rate to fund it. Additionally, the Fantom team intends to focus on “gas reform” throughout 2023 to draw more developers and users to the network.
To qualify for the program, dApps must have been operational on the Fantom network for at least three months and must have completed over 125,000 transactions. Currently, six Web3 applications—ParaSwap, Beethoven X, Stargate, LayerZero, WOOFi, and SpookySwap—have received approval. These applications have collectively earned rewards totaling approximately $3,715.
Moreover, Fantom has recognized concerns regarding the potential discouragement of developers from creating gas-efficient contracts due to the relationship between higher gas fees and increased rewards. However, it has strongly asserted that optimizing gas usage is crucial for the success of dApps. In fact, any applications found to misuse the program may be suspended from participation, thereby ensuring the integrity and sustainability of incentives for all developers.
With the launch of the Gas Monetization Program, the open-source blockchain platform aims to empower developers and create a sustainable environment for dApp development on its platform.
