Ethereum (ETH) Rival Fantom (FTM) Reveals Plans for 2023, Names One Critical Area of Focus

The architects behind Ethereum (ETH) competitor Fantom (FTM) are revealing an internal letter detailing the project’s goals and points of focus for the new year.

Published in a Medium post, decentralized finance (DeFi) veteran Andre Cronje, who sits on the board of directors on the Fantom Foundation, says that Fantom’s mission is to create the highest throughput blockchain available to provide “a single secure settlement layer for all decentralized activity.”

Cronje, who also created Yearn Finance (YFI) and other protocols, says that the project’s primary focus will be to make it easier for developers to create decentralized applications (DApps) and build out the ecosystem.

“Our Foundation’s role isn’t to choose a business vertical- it’s to enable a base layer that can facilitate all verticals. We shouldn’t be focused on user verticals. Our focus needs to be on developer verticals: improving tooling, integration, ease of use, developer UX [user experience], etc. We should not get distracted by the new narratives; defi / nft / gamefi / exchanges / etc.

Our overarching objective over the next 12 months will be towards creating an environment for DApp developers to build out sustainable businesses, while differentiating ourselves from other layer 1 solutions.”

Other areas of focus, according to the blog post include gas subsidies, gas monetization, and a plan for marketing, which there will be an announcement for by Q2 of 2023.

Regarding Fantom’s financial situation, Cronje says,

“On finances: as has been communicated publicly, we are in a very sustainable and healthy position given the current economic climate, and especially compared to 2018. This is finally one threat to our existence we do not have to be too concerned about.”

At time of writing, FTM is trading at $0.204 with a market cap of $518 million, 94.1% down from its all-time high.

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Featured Image: Shutterstock/Vitalii Bashkatov