The Fantom community voted in favor of a governance proposal to create an ecosystem support fund to finance projects with a percentage of the transaction fees currently burned.
New ecosystem development proposal
The voting, which began on July 5, has been adopted almost unanimously by the participants. The voting page details show it 99.75% of all votes expressed support for this proposal. Voting was due to end on October 3, but it was assumed that voting would end early if the required quorum of 55% was exceeded.
Phantom will finance this fund with a 10% transaction fee. This 10% is one third of the 30% share for incinerating the network. eliminate transaction fees instead of using them to reward validators. This process can help reduce the total supply of the token as part of its stock it is constantly being burned. This allows, in particular, to maintain and increase a certain buying pressure. raise the price. This is the process used by many blockchains and crypto projects.
Fund this fund at the service of ecosystem development, Phantom burn rate reduced to 20%. This reduction in burning rate reduces the amount of MTF destroyed each year. The Fantom Special Reward Agreement which distributes bonuses to Fantom players and delegates will be charged ensure the safety of funds in this “safe”.
After a positive vote, projects applying for grants can now apply. Financing request. These requests are formulated through the proposals presented in ghost control portal, The community then votes whether the project should be funded or not.
What’s new for the Phantom?
According to many observers, Fantom is one of the blockchains. with the greatest potential. Its token, FTM, had a wonderful 2021. from $ 0.02 at the beginning of the year to over $ 3 Early 2022. This is one of the best indicators for a crypto project over the past year.
Since then, due to difficult market conditions, as well as the departure of its longtime founder Andre Cronje, the token has suffered a massive collapse and keeps about $ 0.35. This corresponds to a reduction of over 90%. It now ranks as the 52nd largest investment in the industry after being ranked in the top 10 by CoinMarketCap.
The Phantom was largely developed mainly thanks to the series very popular decentralized finance protocolsI am. Apps like Spookyswap or Beefy they had a lot of success with investors before they too suffered autumn visitors.
Fantom recently announced their creation. a control tool called Watchdog. the latter allowed Improve the security of smart contracts on the Fantom mainnet and therefore the security of the blockchain. Another recent announcement about integrating one of the core tiers of Ethereum 2. Bob’s net on the Phantom. The message that will benefit developers in both ecosystems and will enable many new decentralized applications in the future.
Phantom also announced Lamapay integration, a crypto payments automation tool developed by the DefiLlama team. Llamapay really allows it Employers and Transaction Automation Protocols.
Therefore, Fantom continues its development.despite the difficult market conditions we are experiencing. Price of the token returned range from $ 0.20 to $ 0.45. He must overcome this resistance to hope to resume his advance. We are currently seeing one Consolidation since May and nothing seems to overload.
Fantom remains one of the most exciting projects in the ecosystem and this new announcement carries Blockchain in front of the stage. The future will show if Fantom will manage to rise and if its token will resume a long-term uptrend.
To find out more about current market conditions, check out our article here.