Fantom Announces 335M Incentive In FTM, Price Reacts To The Upside
The Fantom Foundation announced an extension of its Incentive Program. The initiative was successful, it received 100 applications to support the ecosystem and disbursed 35 million FTM. Thus, the organization is ready to increase it by ten-fold.
Related Reading | Why Fantom Fell 22% Following Key Personnel Exit
This extension will disburse 335 million in FTM to continue to provide financial aid to developers building “unstoppable applications on the most accessible and user-friendly blockchain”. The organization has partnered with Gitcoin Grants.
Projects will be able to submit their applications and receive funds depending on the Fantom community. The users will decide the allocation, as the foundation clarified, projects with more support from the users will receive “greater FTM matching rewards”.
The foundation aims at providing financial aid to a “wider variety of project types”. Therefore, anyone building on Fantom, regardless of their sector or use case, will be “treated equally and consistently”.
In addition, the foundation attempts to provide its community with more power. As mentioned, they will take center stage when deciding the projects that will be rewarded. The foundation expects to encourage developers to create applications with users as a focus.
Even projects with small total value locked (TVL) or low usage metrics will be allowed to participate and could receive part of the 335 million in FTM. The foundation claims that they will make this initiative “accessible to builders targeting smaller and more niche audiences”.
The Fantom Foundation also announced that they will be participating in the upcoming Gitcoin Grants round. Expected for June 2022, the foundation will match user donations with 3 million in FTM during the first round. Subsequent rounds will be matched with 1.5 million in FTM.
The foundation added the following:
As of today and effective immediately, we’re sunsetting the previously announced incentive programs, both for DeFi and Games. We encourage current and pending applicants to apply for Gitcoin grants in the forthcoming rounds.
Fantom After Andre Cronje’s Retirement From Crypto
As NewsBTC reported, Fantom saw a negative impact when Andre Cronje announced its departure from the project. The price of its native token trended to the downside as pessimism grew amongst some holders.
However, FTM’s price has recovered, and the project seems able to carry on without Cronje. At the time of writing, FTM trades at $1.56 with a 5% profit in the last hour and a 19% profit in the past week.
As the foundation announces more initiatives aimed at supporting the Fantom ecosystem, the projects seem poised to continue on their current trajectory. Data from Material Indicators shows FTM’s price broke above a large wall of asks orders below its current levels.
Related Reading | Yearn Finance Creator To Launch New AMM, What It’s All About?
Still, there is some resistance at $1.6 with little support or bid orders below FTM’s current price. In case of further downside action, $1.50 will be critical support.