• Fantom (FTM) recently proposed changes to reduce the minimum validator staking requirement from 3.175 million FTM to 50,000 FTM or less.
• Validators are nodes that process transactions and maintain the blockchain’s integrity in the Fantom network, chosen through staking.
• The current staking ratio of Fantom stands at over 50%, indicating a significant portion of FTM holders participating as validators.
Fantom Proposes Change in Validator Staking Requirements
Fantom recently proposed changing validator staking requirements to as low as 50,000 FTM. Despite recent price declines, Fantom’s staking ratio is still over 50%. This change aims to make the process more accessible for interested validators and provide opportunities for greater decentralization on the platform.
Understanding Validators on the Fantom Network
In the Fantom network, validator staking is a key mechanism that helps ensure security and stability. Validators are chosen through staking where users can lock up their tokens to participate in the network as validators. Users stake their tokens by locking them up in a smart contract for a set period which helps validate transactions and secure the blockchain of the platform.
Current Staking Ratio on Fantom
According to data provided by Staking Rewards, the current staking ratio of Fantom stands at over 50%, indicating that a significant portion of FTM holders are actively participating in the network as validators. Furthermore, there has been an increase in new stakers joining with over 91,000 new ones joining within last 30 days alone . At press time, market cap of tokens was over $614 million and total value of platform stood at over $1 billion.
Impact of Proposed Changes
The tweaks to validator staking requirements will create an inclusive environment for interested validators who can join with a more attainable range of investment ranging from 50,000-100,000 FTM compared to previous requirement which was 3 million FTM ($200k). This is significantly lower than Ethereum which requires 32 ETH ($54k) for becoming a validator node on its network.
Conclusion
These changes made by Fantom will help open up opportunities for users looking to become part of their decentralized platform while simultaneously ensuring security and increasing decentralization levels on its blockchain network