Fantom Sonic, Gas Monetization Program Headline An Innovation-Focused 2023 for Fantom Foundation

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Dec 12, 2023, 09:00 ET

In addition to multiple upgrades to the Fantom network and ecosystem, the Foundation worked alongside the likes of AWS, Google, LayerZero, Axelar, and others to further enhance the Fantom experience

GEORGE TOWN, Cayman Islands, Dec. 12, 2023 /PRNewswire/ -- The Fantom Foundation ("the Foundation"), the team supporting the development of the Fantom blockchain, recaps its 2023 campaign for both the Foundation and the Fantom blockchain. The launch of Fantom Sonic into its testnet environment headlines the Foundation's activity over the past year, as the company's new technology stack is anticipated to achieve over 2,000 transactions per second (TPS) at a one second average finality. The upgrade highlights the Foundation's commitment to innovating the underlying platform of the Fantom blockchain.

In addition to Sonic, the Foundation implemented multiple strategic integrations, upgrades, and partnerships on behalf of Fantom, including its gas monetization program, ecosystem vault, improved bridging capabilities, and global expansion.

The Gas Monetization program on Fantom provides visionary dApps with a sustainable income by offering them a 15% share of the gas fees they generate, similar to a web2 ad-revenue model that sees platforms reward creators that drive their success. To date, projects have generated over 142,000 FTM in rewards and over 500,000 FTM in bonuses to the top 12 gas consumer dApps, with over 14,000 FTM to be distributed before end of year.
As a first-of-its-kind initiative, the ecosystem vault funding round empowers the Fantom community to participate in the funding allocation process, without requiring users to contribute actual tokens. During 2023, Fantom provided 750,000 FTM to 12 participating dApps.
Fantom added two interoperability protocols in LayerZero and Axelar, enhancing the accessibility of bridging to the network from other blockchains.
Fantom Foundation was present at industry events in Paris, London, Singapore, Vietnam, Miami, and Warsaw, among others, further expanding the global footprint of the network.

Andre Cronje, Director at Fantom Foundation, reflecting on Fantom's past year, states: "We're quite proud of what we were able to accomplish on the network over the course of the last 12 months. The launch of Fantom Sonic testnet environment was a major moment for the Fantom community as we continue to build the fastest, most efficient, most secure blockchain in the space. Fantom has also proven itself to be a destination chain for developers with both our technology and, as of this year, our revenue-sharing initiative in the form of gas monetization. We're committed to bettering our ecosystem and feel 2023 played a significant role in that goal."

Fantom Foundation CEO, Michael Kong, added: "Our team is constantly looking to support and grow the Fantom network in any capacity that we can. There is room for improvement on the network – we know that, and there always will be – but as we look back on our accomplishments this past year and evaluate our roadmap for 2024 and beyond, we are confident that Fantom continues to elevate its position within the industry.

The Foundation elevated the Fantom developer experience throughout 2023, working with Amazon Web Services (AWS) to expand the development of blockchain gaming in the Fantom ecosystem and amplifying successful projects on the network through quarterly hackathons. Earlier in the year, AWS launched a workshop on its platform geared toward teaching web3 developers the necessary skills for building decentralized games on the Fantom blockchain, further emphasizing web3 gaming as a means for mass adoption within the industry. Fantom's Q2 Hackathon – sponsored by AWS Startups and Covalent – saw over 1,100 participants compete for a prize pool valued at over $300,000, with cloud server platform, Heroicus, taking the top spot.

Elsewhere, Fantom was included in Google Cloud's latest round of extended data support on BigQuery, joining select other blockchains whose data will be available to Google users moving forward. On the network, average daily transactions and active addresses have grown YTD versus the pre-bull run levels of late 2021.

"DeFi, gaming, NFTs, and other innovative projects have continued to flourish on our network and we'll continue to arm those developers and users with all the tools they need for a seamless experience on the Fantom network. We're excited about what's to come," added Kong.

Looking ahead to 2024, the Fantom Foundation anticipates Fantom Sonic to enter mainnet during the spring of 2024, a significant milestone in the growth of the network and its technical capabilities, without requiring a hard fork from the existing Fantom Opera system. Sonic's new storage system, Carmen, will provide a remarkable 90% reduction in node storage, requiring less than 1TB of storage compared with Fantom Opera's 11TB requirements, transforming how data is managed.

For more information on Fantom, please visit: https://fantom.foundation/

About The Fantom Foundation
The Fantom Foundation is dedicated to growing and supporting the Fantom ecosystem and its technology. Our worldwide team is made up of engineers, scientists, researchers, designers, marketers, and entrepreneurs who share the same vision to advance the industry forward with the Fantom blockchain..

About Fantom
Fantom is a high-performance blockchain that supports smart contracts. Developers can build scalable applications with low fees while taking advantage of the full security offered by the Fantom Network.

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SOURCE Fantom Foundation