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