Significant Change In This Altcoin Has Been Voted! Support Message From Founder: “Finally!”

Phantom (FTM) altcoin Its developers put a long-awaited change to the token’s staking mechanism to the vote.

Altcoin Staking Mechanism in Phantom (FTM) Will See a Significant Change

According to the proposed change, the minimum FTM staking amount required to become a validator will be reduced to 75,000 or 100,000 FTM. Currently, the minimum required staking amount was 500,000 FTM.

However, when Fantom launched its mainnet in 2019, the minimum staking amount required to become a validator was determined as 3,175,000 FTM.

finally. Although 1 FTM is my endgoal. https://t.co/GWhQ1F5UQZ

— Andre Cronje (@AndreCronjeTech) March 25, 2023

The developers introduced the new proposal on their official website.

According to the developers, this proposed change will address concerns about potential slowdowns and security risks of the FTM network. They believe that with more new validators, transactions will propagate faster to validators, which could result in faster event propagation. However, the required propagation to reach a 2/3 majority of validators may take more time.

According to the developers, as long as the new validator nodes work on quality nodes, there will be no drop in the network.

Legendary phantom founder cryptocurrency developer Andre Cronje was also involved and made his own interpretation.

Saying that this change is one of the developments he has been waiting for for a long time, Cronje also stated that the actual amount he wants is to reduce the staking amount required to become a validator to 1 FTM.

In addition, the developers stated that if this change is implemented, there will be no difference in staking rewards and staking rewards will still be covered by token emissions and validator fees.

*Not investment advice.