Fantom adopts use of burn fees to fund ecosystem projects

Fantom will use 10% of the burn fee to support various projects within its ecosystem.

The Fantom (FTM) community has passed an on-chain governance proposal aimed at supporting the continued evolution of the Layer-1 platform’s ecosystem.

The governance proposal was created on 5 July and sought the community’s approval via a vote. According to the Fantom Foundation, the vote passed on Tuesday, 26 July by a majority of 99.75%.

What’s the Ecosystem Support Vault?

The Ecosystem Support Vault allows Fantom to support new projects and ideas on the Fantom Opera network via funds set aside from a percentage of the 30% transaction fees burn rate.

Through the proposal, 10%, or a third of the 30% burn fees will go to a vault controlled by Fantom validators and stakers. 

The community will oversee the application of the funds on key ecosystem projects, doing so via on-chain governance mechanisms to ensure a decentralised approach is maintained.

Fantom is a high performance blockchain fully compatible with Ethereum and has seen over 200 decentralised applications (dApps) deployed.

These include apps across decentralised exchanges (DEXs), Lending and Borrowing, non-fungible tokens (NFTs) platforms, GameFi, wallets and Cross-chain Bridges. Top DeFi protocols on Fantom include Aave and Alpaca Finance.

Notably, the adoption of the governance vote means Fantom’s burn rate is effectively 20%.

All Dutch and English crypto news!

Chiliz is up by more than 15% on Tuesday: Here’s why

The cryptocurrency market continues its poor start to the week, but Chiliz has been performing excellently today.   CHZ, the native token of the Chiliz blockchain, is...

‘I alone am responsible,’ says CEO Do Kwon in first interview since collapse

The CEO of Terra has come out to take responsibility for the project's crash earlier this year.   Do Kwon, the founder of Terra, has given his...

Brazil brokerage giant with 3.6M clients launches BTC and ETH trading

Brazilian brokerage giant XP Inc has officially launched its crypto trading platform 'XTAGE' in Brazil, bringing a potential 3.6 million users to the crypto markets.  The...

Bitrue introduces ETH PoW token ahead of Merge upgrade

Bitrue, the leading cryptocurrency exchange based in Singapore, is providing its users with an Ethereum Proof of Work token in advance of the Merge upgrade,...

Beste exchanges

Koop je crypto bij Bitvavo