updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Fantom will use 10% of the burn fee to support various projects within its ecosystem.
The Fantom (FTM) community has passed an on-chain governance proposal aimed at supporting the continued evolution of the Layer-1 platform’s ecosystem.
The governance proposal was created on 5 July and sought the community’s approval via a vote. According to the Fantom Foundation, the vote passed on Tuesday, 26 July by a majority of 99.75%.
Ecosystem Support Vault governance proposal voting has concluded.
Vote: Passed
https://t.co/MaDhvbrJss pic.twitter.com/w3nSKG7XBQ
— Fantom Foundation (@FantomFDN) July 26, 2022
The Ecosystem Support Vault allows Fantom to support new projects and ideas on the Fantom Opera network via funds set aside from a percentage of the 30% transaction fees burn rate.
Through the proposal, 10%, or a third of the 30% burn fees will go to a vault controlled by Fantom validators and stakers.
The community will oversee the application of the funds on key ecosystem projects, doing so via on-chain governance mechanisms to ensure a decentralised approach is maintained.
Fantom is a high performance blockchain fully compatible with Ethereum and has seen over 200 decentralised applications (dApps) deployed.
These include apps across decentralised exchanges (DEXs), Lending and Borrowing, non-fungible tokens (NFTs) platforms, GameFi, wallets and Cross-chain Bridges. Top DeFi protocols on Fantom include Aave and Alpaca Finance.
Notably, the adoption of the governance vote means Fantom’s burn rate is effectively 20%.