Fantom introduces a new funding mechanism for the ecosystem

Blockchain Fantom has launched a new decentralized funding mechanism for projects in the ecosystem, named “Ecosystem Vault”.

Fantom introduces a new funding mechanism for the ecosystem

Fantom recently announced a new product to help projects in the ecosystem to mobilize funding in a decentralized way from the community, called Ecosystem Vault.

Accordingly, projects can open funding vaults directly from Fantom users without having to go through third parties. Vault will be charged 10% of transaction fees on the Fantom network, according to the results of a vote approved by the Fantom community in mid-2022.

In order to receive funding, the project will have to post on the Fantom forum and admin community, explain why the project should receive funding and finally vote in front of the community, provided that it receives at least at least 55% of votes in favor.

Funding will be distributed through LlamaPay, an automated crypto currency allocation tool.

Currently, Fantom’s Ecosystem Vault has just over 69,000 FTM, worth $20,000.

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