- Ecosystem Vault was launched by Fantom Foundation on Friday, according to the platform behind Fantom (FTM).
- Vault is a centralised funding mechanism, which will be funded by 10% of FTM transaction charges.
- The vault funds are available for projects that have 55% approval in the community-driven governance voting.
Fantom, a Layer-1 scalable blockchain platform, has launched Ecosystem Vault. This decentralised funding pool will enable and assist builders to deploy new community-driven projects using the blockchain.
Vault to boost Fantom’s dApps ecosystem
Fantom announced that Vault was now live in an a blog post The funding mechanism will include 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 decentralised apps (dApps) in the ecosystem can secure financing. As mentioned above, the funding pool allows the Fantom community to contribute to blockchain’s growth via their funding decisions.
According to the Fantom Foundation the Ecosystem Vault can receive funds starting at 10% of transaction fees. These funds are managed by the community and result from a decrease in native token FTM burn rate.
Anybody can apply for funds in the Vault. This requires applicants to submit a Fantom Governance request (which has a 100 FTM fee). The proposal must be approved by 55% of the community, based on 55% consensus. The Foundation tweeted:
5/ To be considered successful, a proposal must be approved by at least 55% of the quorum. @Llamapay_io All funds will be distributed using this method. Only wallet addresses can be used to pay.
— Fantom Foundation (@FantomFDN) January 19, 2023
The vault is now open at 11:06 ET on Friday, January 20, 2023. held Around 69.247 FTM tokens are valued at just under $21,000
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