Fantom Launching Ecosystem Vault to Finance dApp Projects
The multi-chain crypto firm Fantom has released a crypto funding platform, Ecosystem Vault. The decentralized platform Vault will enable the Fantom community to finance individual projects and share valuable inputs through an interactive community-driven approach.
Feature of Ecosystem Vault
The Ireland-based crypto firm Fantom has launched an on-chain fund system to support the firm efforts in exploring the decentralized crypto world. Fantom named its recent development Ecosystem Vault.
The idea behind Vault was to utilize 10% of Fantom transaction fees to fund the project. Also, Fantom has tasked the FTM holders to be in charge of the Vault.
The innovative Layer-1 blockchain firm will attain desired targets by lowering the burn rate of the Fantom native token (FTM). A third of the resources generated from company operations will be rerouted to the newly launched Vault. Last July, the Fantom community agreed to use 10% of FTM burn charges to finance ongoing blockchain projects.
Despite Fantom focusing on developing decentralized applications (dAPP), the Vault project is crucial for the firm. The Vault ecosystem will unite the Fantom community to build a promising future for the firm through active participation in decision-making.
Funding Application Process
Beyond this, the Fantom team has developed a simple application process for Vault funding. Firstly, the process involves the creation of a detailed forum and governance post. The applicants are urged to provide adequate information about the project at this primary stage. Such information should include the main reason for funding, the importance of the project, and the anticipated outcome.
After submitting the proposal, the Fantom community would determine if the application would proceed to the final stage. According to the Vault policies, the community will conduct a thorough on-chain election to examine whether the proposal should be funded.
The Vault funding policies require 55% voter approval of the project. For the proposal to qualify for the preliminary stage, more than 55% of FTM holders should participate in the proposed election.
In addition, applicants must have an account with the high-tech crypto operator Llamapay since all transactions will be automated. The applicants’ project team is urged to be extra careful when submitting their details since Fantom will only consider the crypto wallets used during the application.
Furthermore, per the Vault funding limit, the FTM applicant can only request an equivalent amount of crypto assets in the Vault stake. Presently, the Vault system has accumulated 69000 FTM tokens.
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