- Phantom (FTM) Projects built on the ecosystem will be able to receive funding through the Gitcoin Grant Incentive Program, the second incentive program launched by the foundation since summer 2021. The funding initiative aims to support teams that thrive in the Fantom ecosystem with direct contributions from users and supporters.
The Phantom Foundation announced a new 335 million FTM incentive program in collaboration with Gitcoin Grants in a blog post they published yesterday morning.
Gitcoin Grants for Phantom
The Phantom (FTM) ecosystem is the newcomer announced today. incentive program continues to gain momentum.
Gitcoin Grants is an initiative that allows builders to fund open source projects for the public good. Gitcoin Grants Funding through (Gitcoin Grants) is made possible by Quadratic Funding (QF), a system that allows contributions from Gitcoin’s QF Fund, traditionally supported by donors in the Ethereum ecosystem, to be matched with teams in need.
Launched on August 30, 2021, the first Phantom Incentive Program has so far received over 100 applications and distributed over 35 million FTMs to some of the ecosystem’s most important projects. Thanks to the new incentive program, Fantom users will be able to determine which projects will receive more FTM matching rewards.
Goals of the funding round
The Phantom Foundation has also identified what goals they are trying to achieve with their funding program. The first of the team’s stated goals is to increase the diversity of projects in the Phantom Ecosystem focusing on DeFi, Gaming, NFTs, education and core blockchain architecture.
The foundation also hopes to decentralize the decision-making process by rewarding the most deserving projects and, finally, foster a trial-and-error culture by supporting smaller projects with lower TVL and more niche audiences.
The next round of Gitcoin Grants is scheduled for June, and as a celebration of the launch, the Fantom Foundation has decided to match user donations with 3 million FTM in this first round and 1.5 million FTM in subsequent rounds.
The Phantom Foundation has encouraged all current and pending applicants to apply for the upcoming rounds of Gitcoin Grants, as today is the last day for the previous incentive program. The foundation added:
“Effective today, we are retiring previously announced incentive programs for both DeFi and Games. We encourage current and pending applicants to apply for Gitcoin grants in the upcoming rounds.
After this announcement, Phantom is in a positive trend and is trading at $1.57 at the time of writing, a 10% increase over the last 24 hours.