Key Points:
- Fantom announced the launch of the Ecosystem Vault, an on-chain fund to support ecological projects.
- Fantom will transfer some of the funds to the Ecosystem Vault by reducing the FTM (10% of the transaction fee) for transaction destruction to fund the project.
- The fund will decide whether to fund the project through a governance vote, which requires at least 55% of FTM stakeholders to participate in the vote, and the approval rate needs to be higher than 55%.
Fantom introduces the Ecosystem Vault to aid ecosystem-related initiatives.
The Ecosystem Vault is an on-chain fund financed by 10% of the transaction fees on Fantom and controlled by the community. By lowering the burn rate of FTM and diverting the resulting 10% to the Vault, the initiative was made possible.
The Vault offers projects an excellent chance to obtain financing as they work to create creative dApps on Fantom. Additionally, it’s an opportunity for the Fantom community to unite and influence the platform’s future through its financing selections.
To distribute money, Fantom currently uses Llamapay, and only the wallet addresses supplied in the application may be paid. There will only be 5 projects receiving funds at once during the Vault’s first launch.
Through a governance vote that needs a majority (55% or above) of the present FTM stakeholder affirmative votes, the fund will determine whether to support the project.
For projects looking to support their efforts to create creative dApps on Fantom, The Vault is a significant option. The Fantom community has the opportunity to unite and influence the platform’s destiny through its financing choices.
Only the wallet addresses specified in the application may be paid because Fantom currently uses Llamapay to distribute funding. Only five projects will ever receive funds at once during the Vault’s first launch.
As Coincu reported, gas monetization, which would enable revenue sharing for dApps, is a crucial component of Andre Cronje’s 2023 Fantom plan. Cronje intends to concentrate on creating the Fantom Virtual Machine and a new storage mechanism in terms of future innovations.
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Harold
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