Fantom blockchain has launched a new initiative called the “dApp Gas Monetization Program” to drive demand for block space on its network. Eligible applications will be rewarded 15% of the gas fees they produce, which is expected to add value to the FTM token.
The program was passed through a community governance vote earlier this year and its implementation will reduce the burn rate from 20% to 5%. Part of the gas fees saved from the reduced burn rate will be redirected towards gas monetization.
According to on-chain data, some projects are already benefiting from the monetization program. For example, decentralized exchange SpookySwap (BOO/USD) has earned 978 FTM ($300), while cross-chain bridge Stargate Finance (STG/USD) has earned 8,300 FTM ($2,600).
This is a great opportunity for developers to earn extra income and for Fantom to retain them. By incentivizing projects to use the network, it will ensure that the Fantom blockchain remains popular and in demand.