In a recent blog post on its website, the Fantom Foundation announced a new 335 million FTM Incentive Program in partnership with Gitcoin Grants.
The first Fantom Incentive Program launched on August 30th, 2021, has got over 100 applications and distributed over 35 million $FTM to some of the most promising TVL projects, assisting them in promoting the Fantom ecosystem and developing unstoppable applications on the most user-friendly and accessible blockchain. Fantom’s users can now opt for which projects will get more FTM matching benefits.
Gitcoin Grants is a program that supports developers in bolstering their open source projects for the more public benefit. Gitcoin has an unmatched track record of supporting web3 projects and will enable all Fantom projects, large or small, to apply for matched incentive rewards via the Quadratic Funding method. The allocations are determined by Fantom’s users, with more FTM matching awards given to the projects most favoured and supported by the community.
The Fantom Foundation has also stated three primary objectives of this funding program. The first is to give better support to a broader range of project types inside the Fantom Ecosystem, emphasising Defi, gaming, NFTs, education, and core blockchain architecture.
Additionally, the Foundation seeks to empower the Fantom community by awarding the most meritorious projects, thereby decentralising decision-making and encouraging projects to provide better service to their users.
Finally, the program sets out to encourage smaller firms with lower TVL who are just starting on Fantom and more narrow audiences, thus incentivising a culture of trial-and-error.
The second round of Gitcoin Grants is scheduled to be launched in June. The Fantom Foundation has chosen to match user contributions with 3 million FTM in the first round and 1.5 million FTM in subsequent rounds to mark the vital launch.
The Fantom Foundation has urged all existing and prospective candidates to apply for the forthcoming rounds of Gitcoin Grants since the previous incentive program is drawing to a close today.