Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets

Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets

A competitor to Ethereum (ETH) has launched a new ecosystem fund amid bullish price action in cryptocurrency markets.

Fantom (FTM) has just launched a new on-chain ecosystem fund to provide capital to supporters looking to build on the blockchain of Ethereum (ETH)’s rival. 

On the layer-1 blockchain project, the “Ecosystem Vault,” a new fund “aimed at empowering builders on Fantom by offering a decentralised avenue for funding projects, ideas, and creations through a community-driven decision process,” is now operational.

At the time of writing, FTM was trading for $0.352. The market cap of the 54th-ranked crypto asset has increased by more than 15% in the last 24 hours and by around 54% in the last seven days. Since the beginning of 2023, the token has increased by more than 80%. 

According to a new announcement from the Fantom Foundation, the Vault is an on-chain fund controlled by the Fantom community and funded by 10% of the blockchain’s transaction fees.

“The initiative was made possible by lowering the FTM burn rate and redirecting the resulting 10% to the vault.” 

The Vault provides a valuable opportunity for projects to secure funding as they work to build innovative Fantom DApps. It’s also an opportunity for the Fantom community to come together and shape the platform’s future through their funding decisions. 

Despite recent price gains, FTM is still more than 89% below its all-time high of $3.46, which it reached in October 2021.

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