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Andre Cronje Announces Fantom's Priorities for 2023

In a recent Medium post, Andre Cronje, decentralized finance architect and new board member for Fantom Foundation and Fantom Operations, outlined the goals and priorities for the Fantom ecosystem in 2023.

Fantom Coin Logo
Fantom Coin Logo

Cronje emphasized the importance of creating a supportive environment for decentralized application (DApp) developers to build sustainable businesses and discussed several initiatives to differentiate Fantom from other layers 1 solution.

Fantom Plans to Monetize Gas and Implement Gas Reforms in 2023

One key point on Cronje's roadmap for 2023 is gas monetization, which would allow DApps to share in the revenue generated by their use. Additionally, Fantom is planning to offer gas subsidies to allow DApps to interact without requiring users to pay the gas fees themselves. Other initiatives under the umbrella of "gas reform" include eliminating the distinction between smart contracts and externally owned accounts, and allowing tokens other than FTM to be used as gas fees on the protocol.

Fantom to Focus on Developing Virtual Machine and New Storage Mechanism

In terms of new developments, Cronje stated that Fantom will be focusing on building a virtual machine and a new storage mechanism. He also assured readers that the protocol is in a financially stable position, stating,

"we are in a very sustainable and healthy position given the current economic climate, especially compared to 2018."

Fantom Previously Pledged to Cut Token Burn Rate to Encourage DApp Development

Before outlining its plans for 2023, it's important to note that Fantom has already made efforts to incentivize DApp development on its platform. In the past, the company pledged to cut its token burn rate by 75% as a means of supporting the growth of the DApp ecosystem. By reducing the number of tokens being removed from circulation, Fantom hoped to create a more attractive environment for developers to build and launch their applications.

Andre Cronje Accepts Role as Board Member for Fantom Foundation and Fantom Operations

In addition to outlining Fantom's priorities for the coming year, Andre Cronje also announced that he has accepted a position as a board member for both Fantom Foundation and Fantom Operations. As a leading figure in the decentralized finance space, with experience creating protocols like Yearn. finance and Keep3rV1, Cronje's expertise will likely be a valuable asset to the Fantom ecosystem.