Fantom Announces A New Governance Proposal

Fantom (FTM), an open-source platform for smart contracts, announces that it has approved a unique governance proposal. The respective proposal is devoted to organizing gas monetization to provide facilities to the decentralized applications (dApps).

As per a disclosure made by the Fantom Foundation, nearly a 55.9% ratio of the platform’s community polled to enhance the revenue of the network.

Fantom to Enter Next Step of Its Growth

In its Twitter post, the foundation mentioned that the exclusive governance proposal of Fantom has been approved. As noted in the post, this would provide effective dApps with gas monetization.

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In addition to increasing block space demand, the respective implementation offers rewards to reputable Fantom creators in a maintainable way. This utilizes a methodology analogous to associated benefits, as per the tweet.

The findings from the procedure pointed out that 99.8% polled in support of the proposal that was presented back in 2022’s November. On the other hand, just 0.1% of the voters opposed the proposal and polled against it. Fantom witnessed a gradual decline in the initial half of the previous year.

The platform asserted that the approval for the respective proposal plays the role of a starting point for its upcoming stage group.

In the previous week, Andre Cronje – the co-founder of Fantom who was exiled once – revealed the plans of the project for this year. In advance of becoming a source of revenue, the Fantom Foundation specified that the model would permit additional developers to develop the Fantom network.

The Twitter post shared by the platform that operates on layer 1 specifies that an agenda related to a revenue model is utilized by the gas monetization of dApps.

This agenda in advance operates in ad monetization in Web2 space and provides incentives to the developers developing on the network of Fantom. It is a strong instrument to allure as well as retain dApps that are high-performing.

Irrespective of the advancement, FTM remained ineffective to resuscitate its activity dealing with development.

The data provided by Santiment brought to the front that the development operations of Fantom accounted for 0.48 at that time. The respective metric is utilized to evaluate the devotion of a persistent network upgrade.

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In line with the present position, it appeared that the platform may not have enthusiastically started achieving its goals on the 2023 roadmap.

An analogous circumstance took place with Fantom’s network progress, down to a worth of just 27. The respective downturn signified that consumer traction toward the platform was at least capacity. Hence, some latest addresses were being developed on the network.

Per the network growth and progress activity, the situation – if gets maintained – could create issues for the recovery strategy of Fantom.

Platform Still Requires Substantial Development

Unluckily, the following up of Fantom with its updates remained insufficient to ignite significant social attention. In the meantime, replies made to the declaration by Fantom indicated that the voting done by the community was not an accident.

Some were of the view that the development could be assistive in maintaining the survival and longevity of Fantom.

FTM was additionally included in the prominent ten trading tokens utilized by the top ETH whales, as reported by WhaleStats. The aggregating firm brought to the front that 1000 peak ETH whales utilized the respective tokens during the previous 24  hours.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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