Fantom Will Use Incineration Fees For Startups

Representatives of the Fantom cryptocurrency project stated that they have decided to use 10% of the incineration fee to support various projects within their ecosystem. The startup community has successfully voted for this initiative’s implementation, which will support the further development of the first-level platform.

The governance proposal was created on July 5, 2022, and received a 99.75% majority approval. The Ecosystem Vault will enable Fantom to support new projects and ideas on the Fantom Opera network with funds allocated from a percentage of transaction fees burned. Under the proposal, 10% or a third of the 30% burn fees will go to a fund controlled by Fantom’s validators and stakers.

The community will manage digital funds for key ecosystem projects through network mechanisms that ensure decentralization, which will help expand the network of applications (dApps). We are talking about decentralized exchanges (DEX), lending and borrowing services, non-fungible token (NFT) marketplaces, GameFi applications, cryptocurrency wallets, and internetwork data transfer protocols. Among the notable projects on Fantom, analysts noted Aave and Alpaca Finance.

Representatives of the blockchain company assured that the involvement and support of third-party developers will allow the Fantom network to grow even faster.

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