Fantom Introduces New Decentralized Funding Mechanism for Its Ecosystem

Fantom has unveiled a new decentralized funding mechanism for projects within its ecosystem, named the “Ecosystem Vault.”

Fantom has recently launched a new product designed to enable projects within its ecosystem to raise funds in a decentralized manner from the community, known as Ecosystem Vault.

With this mechanism, projects can set up vaults to request funding directly from the Fantom community, bypassing the need for third-party intermediaries. The vaults will be funded by allocating 10% of transaction fees on the Fantom network, as approved by the Fantom community through a vote in mid-2022.

To receive funding, a project must post on Fantom’s forum and governance community, present reasons for why it should be funded, and then undergo a community vote. A minimum of 55% approval is required for the project to secure funding.

The funding will be distributed via LlamaPay, an automated crypto allocation tool.

Currently, Fantom’s Ecosystem Vault holds over 69,000 FTM, valued at $20,000.