Fantom introduces a new decentralized finance scheme

The “ecology vault” is a decentralized financing scheme established by Fantom to support future initiatives.

First-layer blockchain Fantom has introduced a community-driven governance method to finance blockchain projects using a decentralized fundraising system.

The technique, known as the “ecosystem vault,” enables groups to get financing for their efforts to develop dApps on Fantom, according to an official blog post. It allows developers to get funds without depending on middlemen or other sources of financing.

Ten percent of all blockchain transaction fees paid in FTM, the blockchain’s native asset that is owned and managed only by FTM stakers, will be allocated to the ecosystem vault. The resolution to provide funding for this safe deposit box was approved in July of that year.

To be eligible for financing, projects will be required to publish a forum post and governance plan that is accepted by an on-chain vote. These suggestions will then be voted on by community members, with at least 55% voter support required for a grant to be awarded.

The funds will be dispersed via Llamapay, an automated tool for crypto payments. Payment will only be made to the wallet addresses mentioned in the application. Requests cannot exceed the number of Fantom tokens available in the vault at the moment of application. This vault has around 69,000 FTM tokens (now worth approximately $20,000).

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