Fantom Revolutionize Staking-90% Requirement Cut to Boost Security
In a groundbreaking move, the Fantom Foundation has significantly reduced the validator self-staking requirement on its layer-1 blockchain by a staggering 90%. This decision, implemented more than six months after a governance vote, aims to bolster Fantom's security while maintaining network speed.
Originally set at 500,000 FTM, the staking threshold for Fantom (FTM) has now been reduced to 50,000 FTM, valued at approximately $19,500. This adjustment is expected to make validator participation more accessible than ever, enhancing the security of the network. The foundation emphasized the importance of increasing validators to mitigate potential attacks, affirming that a higher number of validators makes it harder for malicious actors to compromise the network.
Fantom validators play a crucial role by bundling transactions and distributing them to other validators, with finality achieved when consensus is reached by at least two-thirds of them. The foundation anticipates that the increased number of validators will lead to faster transaction distribution, as more validators will be available for selection. Despite the potential rise in validator count, the foundation assures that this will not slow down the Fantom network, as long as the validators operate on quality hardware.
Addressing security concerns, Fantom clarified that a validator's influence in transaction confirmation is proportional to its staking amount, not the number of validators it operates. Thus, a single validator with a high staking amount can hold equivalent power to several smaller validators.
Fantom, which has been considering lowering the minimum FTM requirement to run a node since early 2022, currently has 58 validators securing its network. This move places Fantom in contrast with other major blockchain platforms like Ethereum, Cardano, Solana, and Avalanche, each hosting significantly more validators.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
