New community-driven mechanism is designed to support early-stage creators interested in building on Fantom (FTM)
Backed by “Father of DeFi” Andre Cronje, Fantom (FTM) blockchain is ready to onboard a new generation of developers and support them with ecosystem grants: Ecosystem Vault mechanism has gone live.
Fantom (FTM) introduces Ecosystem Vault, novel funding mechanism
According to the official statement shared by Fantom Foundation, a nonprofit that curates the progress and marketing of Fantom (FTM) blockchain, its Ecosystem Vault initiative goes live.
Fantom’s Ecosystem Vault is officially live! 🚀
The Vault is a funding pool aimed at empowering builders on #Fantom for new projects, ideas and creations via community-driven governance proposals.
Dive in for full details on how to apply:https://t.co/zwEZSifluY
— Fantom Foundation (@FantomFDN) January 19, 2023
In a transparent, community-driven manner, the Ecosystem Vault funds will support the progress of early-stage start-ups focused on using Fantom (FTM) blockchain for their decentralized applications (dApps).
Projects building and deploying on the Fantom (FTM) blockchain are invited to apply for an amount of funding equal to the current amount held in the vault as of the moment of application.
Just like on other mainstream blockchains, applicants should publish their proposals (concepts) on a community forum. Every application should include a detailed description of development goals, timelines, KPIs and so on.
Four programs for various applicants
To be supported with funding, every proposal should meet at least a 55% quorum with 55% approval of forum members. As such, only projects supported by 30% of all Fantom (FTM) forum residents will get money.
The grants will be distributed through a LlamaPay solution. Four programs are available as of now. Applicants can claim 500,000 FTM for a one-month program, up to 1.5 million FTM for a three-month program and up to three million for a six-month program, while 3+ million FTM bonuses will be awarded to applicants with 12-month programs.
As covered by U.Today previously, “Ethereum killer Fantom (FTM) became the largest-growing smart contracts platform of 2022 among all mainstream blockchains.