Ecosystem Vault Now Live
We are excited to announce the launch of the Ecosystem Vault on Fantom!
The Vault is a new fund aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas, and creations through a community-driven decision process.
What is the Ecosystem Vault?
As part of Fantom’s continuous evolution toward decentralization, the Ecosystem Vault is an on-chain fund financed by 10% of the transaction fees on Fantom and controlled by the community. The initiative was made possible by decreasing the burn rate of FTM and redirecting the resulting 10% to the Vault.
The Vault represents a valuable opportunity for projects to secure funding in their efforts to build innovative dApps on Fantom. It’s also a chance for the Fantom community to come together and shape the future of the platform through their funding decisions.
The application process is outlined below.
How to apply for funding?
If you’re a project deploying and building on the Fantom network, you’re welcome to apply for funding. The maximum amount you can request is equal to the total supply of FTM in the Vault at the time of your application.
How to submit application
Two steps are required as part of your application: a forum post and a governance proposal.
Create a forum post
Provide as much detail as possible about what your project is developing or improving, why it’s worth funding, timelines and milestones, KPIs, team wallet addresses, and the amount of FTM requested.
Create a governance proposal
You must add the link to your forum post in the proposal, and no further text is required in the description. The proposal requires a 100 FTM fee to submit.
How funding is approved and paid
For your application to be successful, your proposal must receive at least 55% approval, with at least 55% of FTM stakers in attendance.
Currently, we are using Llamapay to distribute funding, and only the wallet addresses provided in the application can be paid. For the initial launch of the Vault, there will be only 5 projects receiving payments at any one time.
All payouts have a minimum streaming time, which depends on the amount of FTM requested:
- < 500,000 = 1-month streaming
- 500,001 to 1,500,000 = 3-month streaming
- 1,500,001 to 3,000,000 = 6-month streaming
- 3,000,0001 and above = 12-month streaming
For example, a governance proposal passes at 70% approval with more than 55% in attendance for Project X to receive 1,000,000 FTM from the Ecosystem Vault streamed over 4 months. The payments begin streaming at roughly 350 FTM per hour and end when the 4 months are over.
Visit Llamapay for more information about the streaming process.
Tips and recommendations
It’s important to be realistic and have a clear objective, which will help as you write your forum post. Know your strengths, weaknesses, resources, and support, and you can make a much stronger case for why you should receive funding.
Since it’s FTM stakers voting on your proposal, it’s a great idea to gain trust and recognition with the Fantom community by building strong relationships with its members. Get involved in discussions or help out other builders.
Remember to keep your forum post concise and readable. Focus on facts and try to avoid paragraphs that are longer than 4-5 lines. By following these tips, you can effectively communicate your project and its need for funding to the Fantom community!
For any further questions, please email: [email protected]
Terms and conditions
The Fantom Foundation reserves the right to halt or reject an applicant if it deems the project to be against the best interests of the Fantom network.
