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Friday, January 27, 2023

Fantom Looks To Cut Token Rate

Fantom, the blockchain company behind the FTM token, is asking holders to vote on whether it should slash its rate of coin burning to reduce token price volatility.

The company is voting to reduce the token burn rate from 1% per year to 0.25% per year, which would be a 75% reduction in the total number of tokens over time. The vote is being held through the Dashboard governance portal that Fantom unveiled back in April.

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Fantom also announced its intention to work with developers and projects on hand-holding them through their initial integration process, as well as providing user acquisition campaigns for dApps built on Fantom’s blockchain platform.

Fantom Slashes Rates By 75%

The company is voting to reduce the token burn rate from 1% per year to 0.25% per year, which would be a 75% reduction in the total number of tokens over time. The vote is being held through the Dashboard governance portal that Fantom unveiled back in April.

Fantom also announced its intention to work with developers and projects on hand-holding them through their initial integration process, as well as providing user acquisition campaigns for dApps built on Fantom’s blockchain platform.

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Fantom’s ecosystem is designed to support a range of decentralized applications and smart contracts through an interconnected network of blockchains. It’s powered by the FTM token, which uses the Opera blockchain for processing transactions.

The Fantom platform is built on four pillars: 1) privacy; 2) high performance; 3) scalability; and 4) interoperability (or cross-chain communication). Its unique consensus mechanism, called Proof-of-Stake-Asynchronous Byzantine Fault Tolerant (PoS/BFT), allows for high throughput with low latency. According to its white paper, “Fantom’s PoS consensus protocol achieves long transaction finality with minimal overhead using BFT protocols over asynchronous networks.”

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