Cryptocurrency

Fantom developers to receive up to 15% as revenue from gas monetization

Hull Invest

The Layer 1 Blockchain Fantom has governance approval to allocate up to 15% of transaction fees as revenue for developers building on the network.

Currently, about 70% of transaction fees generated are phantom network It is paid to validators as revenue, but 20% of the fees are permanently burned.

In an effort to incentivize developers, the Fantom Foundation has previously Proposed A gas monetization model that reduces the burn rate from 20% to 5% and allocates the rest as a reward to high performing dApps.

Fantom Gas monetization was designed around the ad monetization model common to the Web2 giants. Youtube– Allocate up to 55% of ad revenue to creators.

The Phantom Foundation announced on December 4th, approval Implement a gas monetization model. As a result, eligible developers receive approximately 15% of transaction fees generated from their dApps.

To be eligible to receive affiliate rewards, your dApp must have been on the Fantom Opera network for up to 3 months and have completed at least 1 million transactions.

Fantom said it will adjust its eligibility criteria as needed to curb spammy and clumsy dApps that seek to abuse Gas’ monetization model.

According to Phantom, the incentive model will help attract and retain talented developers and make the network healthier and more sustainable.

according to phantom fire monitor, Over 9.3 million FTMs have been burned, worth about $2 million.

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