Fantom’s Gas Monetization Proposal Passes – Project Aims to Revive in 2023

• Fantom [FTM] announced a governance proposal to set up gas monetization for dApps on the 5th of January.
• 99.8% of the community voted in favor of the proposal, with the revenue being used to incentivize developers building on the Fantom network.
• Last week, Fantom’s co-founder Andre Cronje disclosed the project’s plans for 2023, which is hoped to be a next growth phase for the project.

Fantom [FTM], an open-source smart contract platform, has recently taken an important step in its 2023 roadmap with the announcement of a governance proposal designed to set up gas monetization for decentralized applications (dApps) on the network. On the 5th of January, the Fantom Foundation declared that 55.9% of its community voted to improve the network’s revenue.

The results from the process showed that an overwhelming majority of 99.8% voted in favor of the November 2022 proposal on the ballot, compared to the 0.1% who were in opposition. This acceptance is seen as a complement to the next phase of growth for the project, which has been on a downward trajectory in the first half of 2022.

The Fantom Foundation mentioned that the model would allow more developers to build on the Fantom network and act as a revenue source. According to the tweet posted by the layer-1 platform, “dApp gas monetization takes the framework of a revenue model that already works in Web2 (ad monetization) and adjusts it to incentivize developers building on the Fantom network. It is a powerful tool to attract and retain high-performing dApps.”

Last week, Fantom’s co-founder Andre Cronje revealed the project’s plans for 2023. With the implementation of the gas monetization for dApps, it is hoped that the project will be able to revive metric-wise and achieve its 2023 roadmap. The Fantom Foundation is optimistic that the proposal will help grow its revenue and attract more developers to the network.

However, whether Fantom will be able to actualize its 2023 roadmap remains to be seen. The project is currently relying on the implementation of the gas monetization model to incentivize developers and optimize its demand for block space. With the governance proposal now passed, it will be interesting to see how this decision will help shape the future of the project.