Fantom Will Focus On DApp Ecosystem Expansion In 2023

Key Points:

• Gas monetization, which would enable revenue sharing for DApps is a crucial component of Cronje’s 2023 Fantom plan.
• Cronje intends to concentrate on creating the Fantom Virtual Machine and a new storage mechanism in terms of future innovations.

In a recent Medium article published on December 26, decentralized finance architect Andre Cronje restated the Fantom ecosystem’s aims and ambitions for 2023.

Cronje, who previously developed protocols including Yearn.finance and Keep3rV1, also said that he took a position on the boards of both Fantom Foundation Ltd and Fantom Operations Ltd, which manage the ecosystem for the named directed acrylic graph.

Our overarching objective over the next 12 months will be towards creating an environment for dapp developers to build out sustainable businesses, while differentiating ourselves from other layer 1 solutions.

Gas monetization, which would enable revenue sharing for decentralized apps, or DApps, as a development incentive, is a crucial component of Cronje’s 2023 Fantom plan. Additionally, using gas subsidies, Fantom DApps might communicate without a wallet being required to cover the gas costs on its own. Users are not required to have or be aware of FTM during onboarding, according to Cronje.

The distinction between smart contracts and externally held accounts will be eliminated as part of the “gas reform” process so that anybody may start a transaction and pay for gas. On the protocol, other tokens besides FTM would also be acceptable for usage as gas costs.

Cronje intends to concentrate on creating the Fantom Virtual Machine and a new storage mechanism in terms of future innovations. Cronje wrote on the protocol’s financial administration as follows:

As has been communicated publicly, we are in a very sustainable and healthy position given the current economic climate, and especially compared to 2018. This is finally one threat to our existence we do not have to be too concerned about.

As Coincu reported, its community has advocated reducing the protocol’s existing FTM token burn rate from 20% to 5% to fund this initiative.

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