Phantom Burn will use 10% of the fees to support various projects within its ecosystem.
The Phantom (FTM) community has passed an on-chain governance resolution aimed at supporting the continued development of the Layer-1 platform ecosystem.
government proposal was created On 5 July and sought the approval of the community through a vote. According to the Phantom Foundation, the vote was held with a majority of 99.75% on Tuesday, July 26.
Ecosystem Support Vault Governance Motion Voting has concluded.
Vote: Passed https://t.co/MaDhvbrJss pic.twitter.com/w3nSKG7XBQ
— Phantom Foundation (@PhantomFDN) 26 July 2022
What is Ecosystem Support Vault?
ecosystem support vault Allows Phantom to support new projects and ideas on the Phantom Opera network through funds set aside as a percentage of the 30% transaction fee burn rate.
Through the proposal, 10%, or a third of the 30% of burn fees, will go to vaults controlled by Phantom validators and stakers.
The community will oversee the application of funds on major ecosystem projects, doing so through an on-chain governance mechanism while maintaining a decentralized approach to do so.
Phantom is a high-performance blockchain that is fully compatible with Ethereum and has deployed over 200 decentralized applications (DApps).
These include apps for decentralized exchanges (DEXs), lending and lending, non-fungible token (NFT) platforms, GameFi, wallets and cross-chain bridges. The top DeFi protocols on Fantom include Aave and Alpaca Finance.
Specifically, the adoption of the Governance Vote means that Phantom’s burn rate is effectively 20%.