Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

November 19, 2024 Coin Telegraph

Fantom starts paying developers to generate gas fees

May 31, 2023 Coin Telegraph

Developers will get a 15% cut of the fees they generate, but only if their app has done more than 125,000 transactions and has existed for three months.

A new program from the Fantom Opera network team will pay developers for the gas fees they generate from users, according to a May 31 announcement. Specifically, the “Gas Monetization Program” will pay eligible developers 15% of the total gas fees their apps generate.

Gas Monetization on #Fantom is live! ⛽

The program provides dApps with a sustainable income by offering them a 15% share of the gas fees they generate.

Over 12,000 $FTM has been distributed thus far https://t.co/BqpuKtrZh0
— Fantom Foundation (@FantomFDN) May 31, 2023

Six Web3 apps have already been approved for the program, including ParaSwap, Beethoven X, Stargate, LayerZero, WOOFi and SpookySwap. These apps have generated over 12,000 Fantom (FTM) in rewards already (worth approximately $3,715), the announcement stated.

The program was inspired by the “Web2 ad-revenue model” implemented by sites like YouTube and Snapchat that pay content creators for their contributions. The Fantom team hopes it will provide developers with an “alternative source of revenue,” leading to a “sustainable” ecosystem for Fantom.

However, not all apps will be eligible for the program. Protocols that have done less than 125,000 transactions or have been live on Fantom for less than three months will be automatically excluded. Others can apply to become part of the program, but Fantom warned that “the criteria are subject to change as the Fantom Foundation assesses their effectiveness.”

The team encountered some pushback from users when it first began discussing the Gas Monetization Program. “There are some who have speculated that the Gas Monetization program might discourage developers from creating gas-efficient contracts, as higher gas fees results in greater FTM rewards for them to claim,” the Fantom team said.

However, Fantom argued that this reasoning is flawed. The team believes app developers will still need to make gas-efficient contracts; otherwise, the apps will be challenged by competitors. The team clarified that apps perceived to be abusing the program may be suspended from participation.

Fantom has been preparing for the Gas Monetization Program since December, when it proposed a 75% cut to the token burn rate to finance it. Later that month, Fantom Foundation director and decentralized finance architect Andre Cronje announced that the team would focus on “gas reform” in 2023 to onboard more developers and users.

Uniswap’s new privacy policy sees backlash from decentralization buffs

November 22, 2022 Coin Telegraph

Coin Telegraph

Uniswap newly released privacy policy comes in light of the FTX crisis, an event that has shined a spotlight on the need for transparency.

Decentralized exchange (DEX) Uniswap's recently updated privacy policy appears to have attracted the ire of some members of the community, with concerns that collecting and storing user data works against crypto's core values.

In recent responses to a November blog post regarding its updated privacy policy, some vocal members of the community suggested it i uncharacteristic for a decentralized entity to collect and store information about its users.

In the Nov. 11 post from Uniswap Labs, released around the time of FTX’s collapse, the decentralized exchange released its privacy policy to explain how it collected and stored user data

“With innovations around blockchain, web3 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it.”

“That’s why we’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised,” it said.

This privacy policy, which was last updated on Nov. 17 reveals that the exchange collects publicly-available blockchain data, information about user devices such as browser information, and operating systems, and information about users’ interactions with its service providers, among others.

Uniswap also stated that none of this information includes personally identifiable information such as first name, last name, street address, date of birth, email address or IP address.

Despite this, some in the crypto community have shared concerns that the moves are in contrast to crypto's core values, which are focused on user privacy and anonymity.

The team behind privacy-preserving cryptocurrency Firo argued in a Nov. 21 Twitter post to its 83,700 followers that Uniswap’s privacy update sets a “dangerous precedent” for DEXs:

While we have the utmost respect in what @Uniswap has built, we strongly reject the incorporation of data collection to track user behaviour and onchain activity. This sets a dangerous precedent for DEXes. https://t.co/h4kCiQKtl7
— Firo $FIRO (@firoorg) November 21, 2022

OwenP, an affiliate for the DEX SpookySwap suggested that it was uncharacteristic for a decentralized exchange to collect and store user information on the backend.

"We were contacted [...] by an infrastructure provider once who asked about our backend and what info we kept we were shocked by the question. 'None of course' [was] the answer."

Meanwhile, Twitter user “CryptoDavid” also noted to his 12,000 Twitter followers on Nov. 21 that he wasn’t surprised by Uniswap's decision, as other DEXs have also started doing the same thing.

Transparency has emerged as a buzzword in the industry following the collapse of crypto exchange FTX earlier this month.

Other crypto entities that have recently pledged towards “transparency,” including implementing “proof-of-reserves” in the case of centralized exchanges, include Kraken, Bitmex, Coinfloor, Gate.io and HBTC who’ve already completed audits.

Binance, OKX, KuCoin and a host of other exchanges also plan on doing the same.

SpookySwap