Fantom Empowers Developers with Gas Monetization Program

• The Gas Monetization program on Fantom is live, enabling dApps to claim rewards.
• Participating dApps can now receive 15% of generated gas fees as rewards.

Fantom’s recent announcement is a pleasant unforeseen reward for its developers. On May 31, the Fantom Opera network team unveiled their Gas Monetization Program. The program aims to provide eligible developers of high-quality decentralized applications (dApps) with a sustainable income by offering them a 15% share of the total gas fees generated by their apps.

According to their press release, the successful Web2 ad-revenue model used by platforms like YouTube and Snapchat influenced the Gas Monetization Program. Its objective is to incentivize developers and ensure the long-term viability of the Fantom ecosystem. Through this program, developers can now benefit from their app’s popularity and usage.

Unlocking Mutual Benefits

Fantom has been making preparations for the Gas Monetization Program since December. It includes proposing a reduction in the token burn rate to finance it. Furthermore, the Fantom team plans to prioritize “gas reform” throughout 2023 to attract more developers and users to the network.

To be eligible for the program, dApps must have been active on the Fantom network for a minimum of three months.And have generated over 125,000 transactions. Currently, six Web3 apps, namely ParaSwap, Beethoven X, Stargate, LayerZero, WOOFi, and SpookySwap have been approved. These apps collectively earned rewards worth approximately $3,715.

Furthermore, Fantom acknowledged concerns regarding the potential discouragement of developers in creating gas-efficient contracts due to the correlation between higher gas fees and greater rewards. However, it strongly emphasized that the optimization of gas usage remains essential for the prosperity of dApps. In fact, any apps found to misuse the program may face suspension from participation, thereby ensuring the reliability and sustainability of incentives for all developers..

With the introduction of the Gas Monetization Program, the open-source blockchain platform aims to empower developers. And establish a sustainable environment for dApp development on its platform.