Launch of Ecosystem Fund
The Fantom Foundation, a non-profit organization that supports L1 Blockchain Phantom (FTM), announced on the 20th that it has started operating an ecosystem fund with 10% of transaction fees as capital. Transaction fees generated by the Phantom Blockchain will be the source of funding.
Fantom’s Ecosystem Vault is officially live!
The Vault is a funding pool aimed at empowering builders on #Fantom for new projects, ideas and creations via community-driven governance proposals.
Dive in for full details on how to apply: https://t.co/zwEZSifluY
—Fantom Foundation (@FantomFDN) January 19, 2023
“Ecosystem Vault” is a decentralized on-chain fund managed through a community decision-making process. Fund projects, ideas and products for development on the Phantom Ecosystem.
Projects wishing to be funded must submit a proposal outlining development goals, timelines, KPIs, etc., and receive at least 55% of the votes in favor, with a quorum of at least 55%.
Since there is a risk of the funds being taken away with lump-sum payments, payments are made linearly according to the amount and period. There are four financing plans, and you can apply by selecting from a framework of 500,000 FTM (18 million yen) for a minimum of 1 month and 3 million FTM (135 million yen) for a maximum of 6 months.
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What is a phantom
Phantom is a blockchain that is said to be one of the Ethereum killers, a rival of Ethereum (ETH). It has features such as high processing capacity and low transaction fees.
It has smart contract functionality and is compatible with Ethereum, so it is possible to instantly port dApps (decentralized apps) on the Ethereum blockchain.
According to the data site Crypto Fees, an average of 750,000 yen per day has been generated on the Phantom network in the past week.
The price of the virtual currency Phantom (FTM), which is used to pay transaction fees on Phantom, soared 14.5% from the previous day. At the time of writing, FTM has a market capitalization of 115.5 billion yen and is ranked 54th in the cryptocurrency market.
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