CDS Crypto News Fantom Blockchain Will Burned FTM Fees 
Crypto News

Fantom Blockchain Will Burned FTM Fees 

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Fantom Blockchain Will Use a Portion of Burned FTM Fees

According to developers, Fantom has launched a decentralized vault solution to finance the projects and applications that are developing on its blockchain.

What is Ecosystem Vault?

The Ecosystem Vault project is an on-chain fund that governs by the community and funds by 10% of Fantom transaction fees. The project was made possible by lowering FTM‘s burn rate and diverting the resulting 10% to the vault.

Any project that seeks funding must have at least 55% support from the community and be approved in person by at least 55% of FTM stakeholder participants. There will only be five projects receiving funds at once during the Vault‘s initial launch. Projects whose proposals are accepted by the Ecosystem Vault will first be funded manually utilizing programs like LlamaPay.

About Fantom

It is one of the blockchains built to provide an alternative to Ethereum. Also, it is a platform for smart contracts that is open-source, decentralized, and permissionless for decentralized applications (dApps) and digital assets.

References

www.coindesk.com

www.fantom.foundation

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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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