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Fantom, a scalable layer 1 blockchain platform, has officially launched Ecosystem Vault. It is a decentralized funding pool that empowers and assists builders in deploying new community-driven projects on the blockchain.
Announcing the official launch of Vault, Fantom said: blog post Funding mechanisms include governance proposals from the community.
The project represents the continued evolution of Fantom as the community looks to further decentralization, the Fantom Foundation team writes.
Vault’s on-chain mechanism enables a funding profile that allows projects and developers looking to build decentralized apps (dApps) in the ecosystem to secure funding. As previously mentioned, the funding pool also gives the Fantom community the opportunity to contribute to the growth of the blockchain through funding decisions.
The Ecosystem Vault will be funded from 10% of transaction fees, according to the Fantom Foundation. The community manages these funds. This is a result of the reduced burn rate of the native token FTM.
Anyone can apply for funds in Vault. This process requires the applicant to create her Fantom Governance proposal (a 100 FTM fee will be charged). The proposal would then require approval from his 55% of the community, based on his 55% quorum. The foundation tweeted:
5/ A proposal must receive at least 55% approval by a 55% quorum to be considered successful. @Llamapay_io Used to distribute all funds. Only wallet addresses included in the application can be paid.
Phantom Foundation (@FantomFDN) January 19, 2023
As of 11:06 AM ET on Friday, January 20, 2023, the vault is hold About 69,247 FTM tokens are worth just over $21,000.
