Fantom is a blockchain protocol renowned for its high scalability and increased security, it has become a reference blockchain. Constantly looking for innovation, Fantom unveils its new project to the general public. This involves the creation of “Ecosystem Vault”, a decentralized safe. The presentation took place on January 19, 2023.
“Ecosystem Vault” in a nutshell
Not long ago, Fantom revealed its goals for 2023. They were largely focused on creating a better environment for dApp developers. With that in mind, he unveils his very first project: the launch of the Ecosystem Vault. It is a decentralized vault to finance all kinds of blockchain-based projects and applications.
As explained in an official blog post, it is an on-chain fund funded by 10% of the transaction fees recorded on the Fantom blockchain. Concretely, Ecosystem Vault will reduce the burn rate of FTM. The 10% discount will then be redirected to the safe.
Another essential point to remember: the Ecosystem Vault decentralized funding system is based entirely on a community decision-making process.
“Ecosystem Vault”: A decentralized financial system controlled by Fantom’s community
Any funding request must obtain the consent of at least 55% of the community. In addition, at least 55% of FTM stakeholders must provide funding.
Once the project is approved, payments will be made manually via the Fantom platform. More precisely, we will use various tools such as Llamapay. As for the payment, the developers of this new system have agreed on one point: the Fantom community will add a certain acquisition period instead of giving everything at once to the founder of the project. The goal: to ensure that the project founder works continuously.
With the launch of the “Ecocystem Vault” project, Fantom announces its great comeback. Since the beginning of the year, the value of FTM has not ceased to gradually increase. A more substantial increase will even be expected after the announcement of the launch of Ecosystem Vault.
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My name is Ariela and I’m 31 years old. I have been working in the field of web writing for the past 7 years. I only discovered trading and cryptocurrencies a few years ago. But it is a universe that interests me very much. And the topics covered within the platform allow me to learn more. A singer in my free time, I also cultivate a great passion for music and reading (and animals!)