Fantom to return 15% of transaction fees to projects

The Fantom smart-contract platform has launched a program to incentivize network projects via gas fees.

Gas Monetization — done

Build, Deploy, Earnhttps://t.co/GYqCukXYYb pic.twitter.com/AOSK7BH0wF

— Andre Cronje (@AndreCronjeTech) May 28, 2023

Applications meeting the requirements will receive a reward equal to 15% of the gas fee as additional income.

André Cronje, who joined the Fantom Foundation’s board of directors in December, described the implementation of gas monetization one of the platform’s priority goals for 2023.

The community backed the Dapp Gas Monetization Program earlier in the year. The proposal envisaged reducing the burn rate of transaction fees in Fantom (FTM) tokens from 20% to 5%. The freed resources are directed to the program.

The initiative is expected to further stimulate in-demand dapps, retain project developers, and strengthen the network’s infrastructure.

In the first day of operation, a number of applications started to receive additional income. The cross-chain bridge Stargate Finance had accrued 8,421.6 FTM — about $2,863 at current prices. The omnichain protocol LayerZero had access to 1,174.8 FTM (~$400).

Earlier this year, Fantom launched the decentralised finance mechanism for projects in its ecosystem.