Fantom unveils On-Chain Vault to support ecosystem projects

Fantom has announced the launch of its ecosystem vault to empower builders and support ecosystem projects. lately AdvertisingThe vault benefits from a decentralized method of funding projects via a community-driven decision-making process, Protocol said.

“The Vault is a new fund aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas, and creations through a community-driven decision process,” Fantom stated.

Moreover, the protocol said that it plans to operate the treasury as an on-chain fund and will fund it with 10% of the transaction fees on its network.

Meanwhile, Fantom says it will fund the new Vault by reducing the FTM burn rate and redirecting the resulting 10% to the Vault. According to the announcement, the ecosystem vault will facilitate funding for projects seeking to build innovative dApps on Fantom.

Fantom explains how projects can work with applications

The blockchain platform has explained the criteria for projects to take advantage of this initiative. In the first place, such a project would have to run or be built on Fantom. Furthermore, the protocol revealed that the maximum amount each project could request equals the total FTM supply in the Vault at the time the request was made.

It is worth noting that a funding application can only be successful if the proposal has at least 55% approval, with at least 55% of the FTM holders attending. Meanwhile, Fantom said it decided to use Llamapay to distribute funding to projects whose applications have been approved. As for now, Protocol only wants to start funding five projects.

It should be noted that each batch of the vault is encapsulated with a minimum airtime, determined by the amount of FTM required. According to Fantom, he has 500,000 a month of live streams, while 500,001 has 1,500,000 3-month streams. Also, 1,500,001 to 3,000,000 broadcasts for 6 months and 3,000,001 broadcasts for 12 months.

The Fantom blockchain saw a 131% increase in transactions between 2021 and 2022, according To Fantom co-founder Andre Cronje. Moreover, the project has seen a 41% increase in daily users year-on-year in 2022.

Fantom (FTM) It is currently trading at $0.3008, down from its weekly high of $0.3512.

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