Fantom Governance Vote Passes Lower Staking Rewards

November 2, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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On October 5, the Fantom community signaled a majority agreement to set the staking APR to 6% and to extend the duration of staking rewards emissions to 4.7 years. Before the governance vote, staking rewards yielded at 13% yearly return, but if it stayed the same yield rewards, the maximum supply of fantom tokens would have been reached in just two years. The new staking rewards rate of 6% aligns with peer Layer-1s and ensures sustainability for the next 4.7 years and longer runway before token emissions cease gives the network and the industry at large valuable time to mature and further grow. Furthermore Fantom foundation will work with validators to explore alternative possibilities for income, like providing price feeds and offering decentralized services.

Reduced validator overhead costs and increased transaction volumes translate into higher revenues for validators to share with stakers. The voting proves that, validators and stakers are seing the value of adoption in a longer perspective and recognize the future growth potential. Most importantly, the upcoming Fantom Virtual Machine (FVM) deployment, will radically boost the platform performance and lower operating costs for validators.

Another positive news for Fantom ecosystem is the new listing on CEX Bitfinex Fantom’s ecosystem tokens, Hector Network (HEC), Retreeb (TREEB), and SpookySwap (BOO). SpookySwap was one of the first native Fantom Automated Market Makers (AMM) (DEX’s) on the network and plays a vital role in the ecosystem as the leading protocol.

Paolo Ardoino (Bitfinex CTO) said: “We are delighted to welcome SpookySwap, Hector Network and Retreeb, which all play an important role in the flourishing ecosystem of Fantom. We are confident that the addition of these digital tokens will be of interest to our growing customer base.”

Michael Kong (Fantom CEO) stated: “Bitfinex is a leading digital trading platform, and their decision to list Fantom project tokens is a sign of both the incredible success that builders on Fantom enjoy and the maturity of projects in our ecosystem. SpookySwap, Hector Network, and Retreeb have brought ambition, drive, and incredible community engagement to Fantom. Seeing them succeed validates the work we’re doing to support the developer community and build a platform that helps projects thrive. We look forward to their continued success.”

Simone Pomposi (Fantom CMO) added:“Hector Network, Retreeb, and SpookySwap are at the leading edge of the DeFi ecosystem on Fantom. The incredibly creative developers behind these projects set the standard in terms of their products’ utility, security, and usability. Their extraordinary accomplishments are reflected in the growing number of users they’ve been able to attract. Listing with Bitfinex promises to open these successful projects to even wider audiences, and we’re looking forward to seeing what happens as newcomers to Fantom discover what’s possible on the network.”

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