Connect with us


Fantom wants to cut its token burn rate by 75% to fund its dApp bounty program




According to a new proposal on the date On December 1, Fantom’s directed acrylic graph network is seeking to implement an affiliate program for its decentralized application, or dApp, for developers with network gas fees. To fund this project, the Fantom community has proposed lowering the protocol’s existing FTM token burn rate from 20% to 5%. To support the suggestion, Fantom’s developers wrote:

“We’re taking what works on Web 2 and restructuring it to fit network priorities, which means taking the ad monetization model and extending it to gas monetization for performance dApps that manage to attract a steady stream of users.”

The development team has done more detail for Fantom’s Opera Network [native dApp builder] It “does not directly compete with Youtube or Twitter”, but rather seeks to “continually attract and retain high-quality talent” in the Web 3.0 space. To qualify for the potential incentive, dApps must have logged 1,000,000 or more transactions and have spent three or more months on the Fantom Opera network. Upon approval, developers can then claim 15% of the total gas fee spent on the dApp.

However, the Fantom Foundation said it “reserves the right to discontinue any payment flow indefinitely for any reason, including if fraudulent user activity is suspected or if the Foundation believes it is in the best interest 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 on the proposal is ongoing and requires at least a 55% turnout from FTM token holders.