Fantom Incentive Program received more than 100 applications and $ 35 million FTM was disbursed to the apex-level TVL projects on Fantom. This step aims to contribute to the massive growth of the Fantom ecosystem and, at the same time, to build invincible applications on a blockchain that is considered highly accessible and user-friendly. As a matter of fact, they wish to do more.
The Fantom team is overly excited to announce a brand-new program in which a partnership between Gitcoin grants and the 335m FTM Incentive Program can take shape. With an unbeatable and unassailable track record of project funding, Gitcoin has emerged as a top-ranking player in the Web 3 space. It is aimed to allow every Fantom project, irrespective of the size, from initial seeding to already up and running projects- to be eligible to apply for incentives & rewards depending on the matching factor according to the Quadratic Funding mechanism. The users of Fantom depend on allocation to achieve a high quantum of FTM matching records and are ranking their favorite ones depending on user support.
The objectives, in particular, are stated as below:
- Ensure a greater degree of quality support to a wide range of project types. Irrespective of whether the application is a DeFi protocol, A NFT platform, or a cutting-edge game application. Crucial infrastructure or even education, it is the core policy that every project will have the same equal and consistent treatment.
- FTM empowers the allocation process with transparency to benefit the Fantom community. It is the strong belief of the Fantom community that the collective wisdom and talent of Fantom’s users can go a long way in getting the requisite rewards for the top deserving projects. Decentralized decision-making helps in the proper encouragement of projects which can better serve the needs of the users.
- FTM supports budding new small teams which are taking initial steps on Fantom. Fantom does not mandate that every participating team have abundant usage numbers or TVL. Achieving product success in the market is a slow process. They aim to make the incentive mechanisms completely accessible to builders, thus helping better target niched and limited audiences and then allowing space and opportunity for trial and error.
- In June 2022, Fantom is all set to take part in the Gitcoin Grants round, in which the first round will see matching of the use donations with 3M FTM. The coming rounds will receive 1.5 M FTM in the successive rounds.
- Depending on its discretion, Fantom has the unique right to approve or deny the matching grants without notice. Also, an eligibility policy will be published listing all the requested criteria in various blog posts.
- All previous programs related to DeFi and Games will be retired, and new applicants are being encouraged to participate in the Gitcoin grants for the coming rounds. The Fantom ecosystem aims to build unstoppable applications in a highly user-friendly and accessible fashion.