The Fantom Foundation has transferred 7.5 million FTM to Binance

Key Points: FTM has been moved to Binance by the Fantom Foundation, possibly as a profit-taking move in response to the substantial market gains since the beginning.
Fantom’s value has risen by around 300% since 2023, in line with the wider revival of the cryptocurrency market.
A wallet account described as belonging to the Fantom Foundation just transferred 7.5 million FTM to Binance.According to Lookonchain statistics, the wallet address Fantom Foundation: 0x431e81e5dfb5a24541b5ff8762bdef3f32f96354 just moved 7.5 million FTM worth around $4 million to Binance. The Fantom Foundation transferred FTM to Binance, possibly as a profit-taking move after Terra’s collapse in May 2022. The ecosystem’s TVL has also seen a remarkable recovery. It has increased from 40 billion USD at May 2022 to 50 billion USD now. According to the new plan, Fantom has been granted governance approval to distribute up to 15% transaction fees to developers who use Fantom. The new plan allows for the possibility of increasing or decreasing the allocation. Currently, approximately 70% of transaction fees collected by Fantom are distributed to validators as revenue while the rest is burned forever. Fantom Foundation proposed an alternative gas monetization model to reduce the burn rate to 20% to 5%. The remainder would be allocated as a share to encourage developers to continue to develop the ecosystem. The platform stated that dApps that are well developed will be rewarded. It also stated that the qualifying criteria will be adjusted to limit trash dApps as well as misuse of the gas-monetization model. Fantom Foundation believes that the new incentive program will help attract and retain competent developers as well as help Fantom’s future progress and viability. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BinancecryptoFantomFantom FoundationFTM