Fantom Launches Decentralized Funding Mechanism
L1 blockchain Fantom has launched a decentralized funding mechanism for community-driven blockchain projects.
The mechanism, also known as the “Ecosystem vault”, reportedly provides an opportunity for projects to secure funding to build dApps on top of Fantom. It provides a way for developers to obtain capital without relying on intermediaries or external funding sources.
The mechanism will receive 10% of transaction fees paid on the blockchain in FTM (the blockchain’s native asset), which is controlled only by the token’s stakers.
To apply for funding, projects will need to create a forum post, and then the applications will be voted on by community members, with at least 55% approval from the voting community required for a successful grant.
The maximum amount that can be requested will be equal to the total supply of Fantom tokens in the vault at the time of application. There are currently about 69,000 FTM, which equates to about $24,000 at the time of writting. Payments will be distributed through Llamapay, an automated crypto payment service.