Phantom returns 15% of transaction fees to some projects | coindesk JAPAN | Coindesk Japan
The Fantom blockchain will reward projects that use the network to contribute to gas tariffs (transaction fees) to drive increased demand for its blockspace, developers said on May 28.tweeted.
Eligible applications will be rewarded with 15% of the fees, providing developers with a small extra income.
This is part of a planned move called the dApp Gas Monetization Program, which was approved in a community governance vote earlier this year.
The proposal called for lowering the Phantom (FTM) burn rate in order to redirect more network charges directly to applications built on the Phantom. Now that it’s passed, Phantom’s burn rate has been reduced from 20% to 5%, with the 15% reduction going to applications.
This return is said to contribute to retaining developers and maintaining the Phantom’s network infrastructure as a reward for in-demand applications.
Gas is a type of fee that blockchain users pay with the blockchain’s native token, in this case the Phantom (FTM). Phantom’s fees are a few cents per transaction, but over time add up to a substantial amount, which will be borne by the users of Phantom-based projects.
The data suggests that some projects are already benefiting from the monetization program within hours of implementation.
Cross-chain bridge Stargate Finance earned 8300 FTM, just over $2600 at the time of writing, while decentralized exchange (DEX) SpookySwap earned 978 FTM, or just over $300.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Fantom Will Pay Back 15% of Token Fees to Some Projects
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