The Fantom Foundation Has Transferred 7.5 Million FTM To Binance
- The Fantom Foundation has shifted FTM to Binance for the first time since Terra’s death in May 2022, presumably as a profit-taking move following the significant market gain since the beginning of the year.
- Fantom’s price has climbed by about 300% since the beginning of 2023, coinciding with the broader revival of the cryptocurrency market.
A wallet account described as belonging to the Fantom Foundation just transferred 7.5 million FTM to Binance.
According to Lookonchain statistics, the wallet address Fantom Foundation: 0x431e81e5dfb5a24541b5ff8762bdef3f32f96354 just moved 7.5 million FTM worth around $4 million to Binance. The Fantom Foundation has shifted FTM to Binance for the first time since Terra’s collapse in May 2022, presumably as a profit-taking move following the significant market gain since the beginning of the year.
Along with the general recovery of the cryptocurrency market, the price of FTM has increased by nearly 300% from the beginning of 2023 to the present time. The TVL of the ecosystem has also experienced an impressive recovery, increasing from 40 billion USD at the beginning of 2023 to 50 billion USD at the present time.
Earlier this year, the platform stated that their new governance proposal to introduce gas monetization for dApps on the ecosystem has been approved. Fantom has obtained governance approval to allocate up to 15% of transaction fees as revenue to developers developing on Fantom, according to the newly adopted plan. The allocation, however, can be increased or decreased in the future via a separate governance vote.
Presently, around 70% of transaction fees collected on the network are distributed to validators as revenue, while the remaining 20% is burned forever. The Fantom Foundation earlier proposed a gas monetization approach to reduce the burn rate from 20% to 5%, with the remainder allocated as a share to motivate developers to build on the ecosystem. dApps that are well-developed will be rewarded.
The platform also stated that the qualifying requirements will be adjusted as needed to limit trash dApps and misuse of the gas monetization model. The Fantom Foundation thinks that the new incentive scheme will assist attract and retain competent developers, as well as help maintain the network’s viability and Fantom’s progress in the future.
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