Fantom to shake up validator staking requirements, moots changes to entry

ambcrypto.com:

Fantom [FTM], an innovative distributed technology platform that utilizes a Proof of Stake consensus algorithm, recently proposed significant modifications. These changes are set to have a notable impact on the process and requirements for validators.

Read Fantom (FTM) Price Prediction 2023-24

Fantom announced on 25 March that it intends to modify the requirements for validator staking. Under the new proposal, the plan is to significantly reduce the minimum validator staking requirement to a more attainable range of 50,000, 75,000, or 100,000 FTM.

The previous requirement was an astronomical 3.175 million FTM before being subsequently reduced to 500,000 FTM. For context, 500,000 FTM is valued at roughly $200,000 in current market conditions.

By comparison, Ethereum requires 32 ETH to become a validator, which amounts to roughly $54,000. 

In the Fantom network, validator staking is a key mechanism that helps ensure the network’s security and stability. Validators are nodes responsible for processing transactions and maintaining the integrity of the blockchain. They are chosen through staking, where users can lock up their tokens to participate in the network as validators.

When users stake their tokens, they lock them up in a smart contract for a set period. During this time, the tokens support the network by validating transactions and securing the blockchain.

These adjustments to the validator staking requirements on the Fantom network are set to create a more inclusive and accessible environment for interested validators to join. It will also simultaneously open up opportunities for greater decentralization on the platform.

According to data provided by Staking Rewards, the current staking ratio of Fantom stands at