Phantom (FTM) altcoin Members of the community have passed a management vote proposing that one-third of the network’s burning fees be used to fund new projects developed in the Fantom ecosystem. Almost 100% of all the votes cast were in favor of the plan.
The proposal was scheduled to run until October 3, but voting ended after support exceeded the 55% minimum requirement.
Part of Phantom (FTM) Transaction Fees Will Be Transferred to Project Developers
Phantom is currently burning 30% of all tokens paid as network fees, meaning it is permanently removed from circulation. After voting, one-third of this 30% fee value will be sent to an “Ecosystem Support Vault” held through the Special Fee Agreement (SFC).
The SFC is controlled by Fantom network validators and stakers through on-chain management and community offerings. The remaining two-thirds of transaction fees will be burned as usual.
Payments will initially be made manually through the Fantom Foundation using tools such as LlamaPay to fund projects whose proposals have been approved by the Ecosystem Vault.
The developers say community members should add vesting periods to payments, which require a specific lock-in period, to ensure that project owners get paid all at once and are encouraged to work continuously rather than possibly losing interest.
Concerned about Payment System Abuse
Risks outlined in the currently accepted proposal include projects requesting funds from the Ecosystem Vault being found to be malicious, powerful organizations or groups financing themselves or promoting projects they control, and making excessive promises and failing to complete despite funds received. cryptocurrency scenarios such as projects.
However, measures are being taken to combat these risks. “Phantom reserves the right to suspend all payment flows indefinitely if fraudulent user activity is suspected or if the Foundation believes this poses an adverse risk to the Fantom ecosystem,” the developers said in the proposal.
*Not investment advice.