Gas Monetization: Sustainable Income for Developers
We are thrilled to announce that the Gas Monetization program on Fantom is live in its beta rollout!
Participating dApps can begin to claim the FTM they have been distributed, equaling 15% of the gas fees their eligible smart contracts have generated.
Let’s dive into the details of Gas Monetization and the FTM distributed to participating dApps thus far.
What is Gas Monetization?
The Gas Monetization program on Fantom provides high-quality dApps with a sustainable income by offering them a 15% share of the gas fees they generate.
Similarly to the Web2 ad-revenue model that allows platforms to reward the creators that drive their success, the Gas Monetization program allows Fantom to reward developers for the gas usage of their dApps, which is linked to the level of traffic they bring to the platform.
We firmly believe that developers who create innovative products are essential to the success of Fantom; through this program, our aim is to attract and retain exceptional talent by offering them an alternative source of revenue, ensuring a sustainable and thriving ecosystem.
How much have dApps earned?
At the time of writing, 6 dApps are participating in the Gas Monetization program to earn a share of their gas fees, composed of Stargate Finance, LayerZero, SpookySwap, Beethoven X, ParaSwap, and WOOFi.
These dApps have earned over 12,000 FTM combined! For the initial rollout, dApps were able to monetize one contract only, but now they can monetize multiple!
Through the official Gas Monetization page, dApps can claim their distributed FTM, equaling 15% of the gas fees their eligible smart contracts have generated. On the same page, the leaderboard displays the total amount of FTM distributed to each participating project.
How do I participate in Gas Monetization?
To be eligible to participate in the Gas Monetization program, your dApp must fulfill certain criteria. Each smart contract must have:
- Completed at least 125,000 transactions
- Been live on Fantom for at least 3 months
Please note that these criteria are measured against each individual smart contract deployed by a dApp on Fantom. Furthermore, the criteria are subject to change as the Fantom Foundation assesses their effectiveness.
Once your dApp fulfills the criteria, apply to participate in the Gas Monetization program by filling out the official application form.
There are some who have speculated that the Gas Monetization program might discourage developers from creating gas-efficient contracts, as higher gas fees results in greater FTM rewards for them to claim. However, there are two reasons that this thinking is flawed.
Firstly, dApps that use gas-inefficient contracts are vulnerable to competitors who offer a more enticing product with lower gas fees. Additionally, participating projects remain committed to creating gas-efficient contracts to stay competitive in crowded marketplaces, and ultimately, the Fantom Foundation reserves the right to suspend those who try to manipulate the program.
To learn more about Gas Monetization on Fantom, head to the Fantom Documentation or reach out to @samharc on Telegram for questions.
