According to newly received information, Foundation has announced an incentive program of 335 million VND new in partnership with Gitcoin Grants.

Fantom receives funding to promote the ecosystem

Fantom is getting a boost to its ecosystem in the form of a new incentive program announced today.

Gitcoin Grants is an initiative that allows builders to fund their open source projects for the public good. Funding through Gitcoin Grants is possible thanks to Quadratic Funding (QF), a system that allows matching contributions from Gitcoin's QF Fund, traditionally funded by donors in the ecosystem .

Promotion program The first, launched on August 30, 2021, has received over 100 applications and spent more than 35 million to date. for some of the ecosystem's biggest projects.

Through the new incentive program, Fantom users will be able to specify which projects will receive the larger FTM matching rewards.

The Fantom Foundation has also clearly outlined the goals they are trying to achieve with the grant program. The first is to increase the variety of construction projects in the Fantom Ecosystem, focusing on , Games, , education and architecture core. The Foundation also hopes to decentralize decision-making by rewarding the most deserving projects and, ultimately, supporting smaller projects with lower and more niche audiences, thus encouraging a trial-and-error culture.

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The next round of Gitcoin Grants is scheduled to take place in June and to celebrate the launch, the Fantom Foundation has decided to combine user donations with 3 million FTM in this first round and with 1.5 million FTM in the next rounds.

The Fantom Foundation has encouraged all current and pending applicants to apply for the upcoming rounds of Gitcoin Grants as today is the last day for the previous offer.

FTM token price is increasing slightly near 1% amid the market storm when dropped towards $45,000 after the European Union voted to ban unhosted wallets. FTM is currently the 44th largest cryptocurrency and is trading at $1.45 with a market cap of $3.69 billion.

The source: TradingView

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