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Fantom Sets its Priorities for 2023

  • Andre Cronje surprisingly announced his departure from Fantom earlier this year.
  • The prolific developer noted that he has accepted a position as a member of the Board of Directors for both Fantom Foundation Ltd and Fantom Operations Ltd.
  • Fantom, like the rest of the crypto industry, had a mixed year. But the platform plans to focus on DeFi applications in 2023.

Decentralized finance developer Andre Cronje confirmed the objectives and ambitions for the Fantom ecosystem in 2023 in a new Medium article. Cronje is a prolific coder with more than two decades of experience and is most recognized for his contributions to platforms such as Yearn. finance and Keep3rV1. Cronje has also collaborated with Sushiswap and Cream v2.

Fantom, like the rest of the market, has had a year filled with ups and downs. However, Cronje argued that Fantom has been consistent, “consistent in terms of our deliverables, and consistent in terms of our growth.”

Speaking on Fantom’s plans for the next year, Cronje wrote,

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

As per the release, Fantom intends to focus on gas monetization, which would enable revenue sharing amongst decentralized applications (Dapps). This approach will serve as a long-term sustainable income for Dapp teams.

Additionally, Cronje said that Fantom will allow Dapps to interact without a wallet needing to pay gas fees itself. This will lead to smoother onboarding as users will not need to know or have FTM. As part of its “gas reform” plans, Fantom intends to eliminate the distinction between smart contracts and externally owned accounts. This will allow for smooth participation on the network, such that anyone can start a transaction and pay gas fees. Remarkably, Fantom will allow other tokens besides FTM to be used for protocol gas fees. These new changes are aimed at removing barriers and increasing adoption.

On Fantom’s finances, Cronje wrote,

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.

Fantom also plans to provide funds and grants for dapp teams to help them operate independently. However, Cronje noted that “any funding we provide needs to focus on potential future revenue for the chain (i.e network transaction fees).”

Ending the release, Cronje announced that he had accepted a position as a member of the Board of Directors for both Fantom Foundation Ltd and Fantom Operations Ltd. This news comes months after the popular developer announced his departure from Fantom alongside developer Anton Nell.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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