Fantom partners with Gitcoin Grants
In an official announcement, Fantom said that it has teamed up with Gitcoin Grants to bring 335 million Fantom Incentive Program, which would allow all Fantom projects, be them big or small, from seed to established one, to apply for matched incentive programs using their Quadratic Funding mechanism.With Gitcoin’s unprecedented track record of funding projects in the web3 space, Fantom would enable users to decide on the allocations, with greater matching rewards going on the project. The primary objective is to better support a wider variety of project types in an equal and consistent manner regardless of whether they’re gaming applications, DeFi protocol, education, NFT platform, or any other types.
The company highlighted the empowerment of the Fantom community in the allocation process as its second-most priority. It says that it “strongly believes in the collective wisdom of Fantom’s users to help reward the best deserving projects.” Doing this helps in obtaining a decentralized thought process and decision-making and encourages businesses to serve their users in a better way. FTM also aims to support smaller teams that have low TVL and are in the initial stages of building their projects on Fantom.
Fantom Incentive Program
Originally came with 35 million FTM for some of the top TVL projects on the platform, the original Fantom Incentive Program was announced by the smart-contract giant in August last year, and received over 100 applications.The company will participate in the immediate next Gitcoin Grands round, scheduled in June 2022. In this round, it will match user donations with 3 million FTM with 1.5 million FTM in matching each subsequent round.
Fantom explained that it will publish all the details and eligibility policies in a forthcoming blog post. Today onwards, it has decided to sunset all previously announced incentive programs as it has more plans “for the use of incentives to help grow the Fantom ecosystem and support builders to build unstoppable applications on the most accessible and user-friendly blockchain.”
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