Fantom announces on-chain funding mechanism Ecosystem Vault

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  • The Phantom Foundation, the platform behind the Phantom (FTM) blockchain, announced on Friday the launch of the Ecosystem Vault.
  • The Vault is a decentralized funding mechanism that will be funded by 10% of FTM transaction fees.
  • Funds in the Vault are available to projects that receive 55% approval in a community-driven governance vote.

PhantomTechCrunch, a scalable layer-1 blockchain platform, has officially launched Ecosystem Vault, a decentralized funding pool that will empower and help builders implement new community-driven projects on the blockchain.

Vault to fuel Phantom’s dApp ecosystem

Announcing that the vault was officially live, the Phantom noted in a blog post That the funding mechanism will incorporate governance proposals from the community.

The team at the Phantom Foundation wrote that the project represents the continued evolution of Phantom as the community looks to further decentralization.

Vault’s on-chain mechanism allows for a funding profile where projects and developers wishing to build decentralized apps (DApps) in the ecosystem can secure financing. As mentioned above, the Funding Pool Phantom gives the community a chance to contribute to the development of the blockchain through their funding decisions.

According to the Phantom Foundation, the Ecosystem Vault will receive 10% of the transaction fees from the funds. The community controls these funds, which results in a reduction in the burn rate of the native token FTM.

Anyone can apply for funds in Vault, a process that requires applicants to make a Phantom Governance Proposal (there is a 100 FTM fee). Afterwards, the proposal would require approval based on a 55% quorum of 55% of the community. The Foundation tweeted:

Friday, Jan 20, 2023 at 11:06 am ET, Vault Held Roughly 69,247 FTM tokens are worth over $21,000.

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