Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets

Phantom (FTM(ethereum) rival blockchains.

Layer 1 blockchain projects are currently operating “Ecosystem Vault”, a new fund “intended to empower Fantom’s builders by providing a decentralized means to fund projects, ideas and creations through a community-driven decision-making process.”

FTM is trading at $0.352 at the time of writing. The 54th largest crypto asset by market capitalization is up more than 15% in the last 24 hours and about 54% in the last 7 days. The token is up over 80% since the beginning of 2023.

Phantom Foundation Note In a new announcement, Vault is an on-chain fund managed by the Fantom community and paid for by 10% of blockchain transaction fees.

“This initiative was made possible by reducing the burn rate of FTM and redirecting 10% of the results to Vault.

Vault is a rare opportunity for projects to secure funding to build innovative DApps on Fantom. It’s also a chance for the Fantom community to come together and shape the future of the platform through funding decisions. ”

Despite FTM’s recent price rally, the asset remains down more than 89% from its all-time high of $3.46 set in October 2021.

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