Fantom announces on-chain funding mechanism Ecosystem Vault – Crypto News – Crypto News
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Fantom announces on-chain funding mechanism Ecosystem Vault Fantom announces on-chain funding mechanism Ecosystem Vault

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Fantom announces on-chain funding mechanism Ecosystem Vault – Crypto News

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3 years ago

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  • The Fantom Foundation, the platform behind the Fantom (FTM) blockchain, announced the launch of Ecosystem Vault on Friday.
  • Vault is a decentralized funding mechanism that will be funded by 10% of FTM transaction fees.
  • The funds in the vault are available to projects that get 55% approval in a community-driven governance vote.

Phantoma scalable Layer-1 blockchain platform, has officially launched Ecosystem Vault, a decentralized funding pool that will empower and help builders deploy new community-driven projects on the blockchain.

Vault to Fantom’s dApps ecosystem

Announcing that Vault was officially live, Fantom noted in a blog posts that the funding mechanism will encompass governance proposals from the community.

The project represents Fantom’s continuing evolution as the community eyes further decentralisation, the Fantom Foundation team wrote.

Vault’s on-chain mechanism allows for a funding profile where projects and developers seeking to build decentralized apps (dApps) in the ecosystem can secure financing. As noted above, the funding pool also gives the Fantom community a chance to contribute to the growth of the blockchain through their funding decisions.

Per the Fantom Foundation, the Ecosystem Vault will receive funds from 10% of transaction fees. The community controls these funds, which are a result of a reduction in the burn rate of the native token FTM.

Anyone can apply for the funds in the Vault, a process that requires applicants to create a Phantom Governance proposal (has 100 FTM fee). Afterwards, the proposal will need approval from 55% of the community based on 55% quorum. The Foundation tweeted:

As of Friday, January 20, 2023 at 11:06 am ET, the vault held roughly 69,247 FTM tokens valued at just over $21,000.

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