a month ago 1 min read

Fantom Foundation has Given Binance 7.5 Million FTM


Recently, 7.5 million FTM were transferred from a wallet account allegedly owned by the Fantom Foundation to Binance.

The Fantom Foundation wallet address 0x431e81e5dfb5a24541b5ff8762bdef3f32f96354 recently sent 7.5 million FTM, which is equivalent to $4 million, to Binance. Since Terra's demise in May 2022, The Fantom Foundation has moved FTM to Binance for the first time. This move is likely an attempt at profit-taking given the year's enormous market gains.

The price of FTM has risen by about 300% from the start of 2023 to the present, along with the broader recovery of the cryptocurrency market. The ecosystem's TVL has also impressively recovered, rising from 40 billion USD at the start of 2023 to 50 billion USD at the moment.

The platform announced earlier this year that their new governance plan, which would have allowed gas monetization for dApps on the ecosystem, had been accepted. Fantom has acquired governance approval to distribute up to 15% of transaction fees to developers who are creating Fantom-based products. But in the future, the allocation could be changed by a different governance vote.

Now, validators receive 70% of the transaction fees they receive from the network as revenue, with the other 20% being burned forever. Earlier, the Fantom Foundation suggested a gas monetization strategy to lower the burn rate from 20% to 5%, with the remaining funds being distributed as shares to encourage developers to expand the ecosystem. Well-developed dApps will be awarded.

The platform also said that the eligibility requirements would be changed as necessary to prevent the misuse of the gas monetization model and garbage dApps. The Fantom Foundation believes that the new incentive program will help sustain the network's viability and Fantom's advancement in the long run by helping to attract and keep skilled developers.

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