Fastex recently announced the launch of Bahamut Mainnet and also introduced a new one-way bridge that empowers Fasttoken (FTN) owners to easily migrate their tokens from the Ethereum blockchain to Bahamut.
Bahamut is a smart contract-enabled, open source DLT platform for all things Web3 and serves as the new-generation platform of the Fastex ecosystem. Bahamut applies a validator program and with its new consensus mechanism, POSA, it allows validators to receive rewards from their activity.
Proof-of-Stake-and-Activity (PoSA) is a consensus mechanism that is designed to reward validators with active smart contracts more frequently. This will allow independent validators to join the network and accumulate activity whenever their smart contracts are used by users, and get elected as block proposers more frequently, thus earning more rewards from the network.
On July 31, 12% of the existing FTNs were burnt on Ethereum Mainnet and will be minted on Bahamut on September 27. 120 mln FTNs will be exclusively used to distribute the rewards of the block validators, as mentioned on Fasttoken White Paper.