• Fri. Jul 12th, 2024

Fantom Blockchain to Fund Network Projects Using 10% of Burnt FTM Fees

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ByMaria Fairchild

Jan 23, 2023

The Fantom blockchain released its new plans on its mission to fund ecosystem projects using a portion of the burnt FTM fees.

The move is aimed at encouraging the development of new projects and applications on the Fantom network.

Vault Initiative 

The general rate of burnt fees on the Fantom network will be reduced and 10% of these intended FTM burnt fees will be allocated to a Vault. This Vault is an on chain product where these 10% of burn fees will go to and it will also be controlled by community members.

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The Vault initiative is targeted at promoting the development of new projects and applications on the Fantom network. 

Fantom is a scalable blockchain platform that is targeted at providing decentralized infrastructure for the next wave of decentralized applications.  

Fantom has made this new initiative inclusive of the community. Any proposal put forward by any team member must get a 55% approval from the community before being implemented.

For this Vault initiative, payment will be made through the Llama pay, a tool built on the Fantom Foundation network.

The Vault funding will be channeled through a community-driven process, with the community members voting on which projects will receive funding. 

This will ensure that these funds are channeled to projects that will benefit the whole community and network. 

Developers on the Fantom Team also pushed for incentives to be given to teams such as vesting periods.

This will encourage project founders to continue the project with little incentives rolling in day by day, rather than waiting till the end of the project to get fully rewarded.

Developing The Fantom Network

This Vault initiative is expected to foster the development of the Fantom ecosystem by funding new projects that can help create innovative tools and technology for Decentralized applications and services on the network. 

This in turn will also attract more skilled personnel like developers to the network to build more amazing and innovative tools that will add to the development of the network.  

Overall, the move to fund ecosystem projects with the Vault initiative is a big step for the Fantom network. 

It will help encourage the development of new projects and applications on the network, which will likewise foster the growth of the ecosystem.  

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