SYDNEY, Australia, Nov. 14, 2022 (GLOBE NEWSWIRE) — Fantom, one of the fastest growing layer-1 blockchain platforms, today announced the next wave of its grant program alongside Gitcoin , the main open-source development platform in Web3. Through this collaboration, Fantom will allow ecosystem builders on the Fantom network to participate in a series of tests on Gitcoin’s new grant protocol. Currently in beta, Gitcoin will deploy its protocol on the Fantom network to allow Fantom projects to access funding in a democratic way. Gitcoin will work alongside the Fantom Foundation to bolster dApp development on the network and allow users to directly support promising projects.
Gitcoin has long been a cornerstone of open source software funding in the Web3. To date, Gitcoin has contributed over $72 million, onboarded 312,000 active developers, and supported over 2,500 development projects through bounties, hackathons, and grant programs. By rolling out a round on top of the grant protocol, Fantom streamlines funding for Fantom native projects. All Fantom projects on the Fantom Network will be eligible to claim matching incentive rewards, with allocations decided by Fantom users.
The Fantom Incentive Program will seek to provide:
- Better support across project verticals including DeFi, gaming, NFT, infrastructure, etc.
- An empowered Fantom community with decentralized voting on grant allocations.
- Support for emerging projects new to Fantom.
“We are thrilled to see Fantom leveraging Gitcoin’s grants protocol to fund digital public goods in their local community,” said Azeem Khan, Head of Partnerships at Gitcoin. “Gitcoin Grants has helped countless projects, developers, designers, artists, and builders achieve their visions, and we hope the protocol will enable other programs to do the same in a scalable, permissionless way.”
The collaboration with Fantom marks the beginning of Gitcoin’s transition to a permissionless, community-driven funding protocol through a series of initial test cycles. As DeFi grows and becomes more accessible, incentive programs play a vital role in the development of the ecosystem. Fantom intends to be at the forefront of space growth by making funds available to projects with the most support and participation from their individual communities.
Now, Fantom ecosystem users can donate to projects they believe in and want to support. From seed projects to established projects, Fantom will allow eligible projects to apply for matched incentives using their Quadratic funding mechanism. Fantom users vote on allocations, with higher $FTM matching rewards going to projects that have the most community support.
“We couldn’t be more excited to welcome Gitcoin to the Fantom ecosystem and empower our incredible community to further support projects,” said Fantom CEO Michael Kong. “We look forward to introducing this proven incentive structure to our community and rewarding the exciting projects that are being built on Fantom.”
Fantom is a fast, scalable and secure Layer 1 EVM compatible platform based on permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in about a second and cost on average a penny. The speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use cases.
Gitcoin (GTC) is an Ethereum token that enables community governance of the Gitcoin platform. This allows coders and developers to get paid to work on open source software in a wide variety of programming languages.. Gitcoin has facilitated over $21 million in grants and bounties for open source developers.
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Growth statistics on Fantom:
- We’re building a community and infrastructure for Web 3 – a diverse range of tools, technologies, and networks that enable people to work for the open Internet.
- By funding projects, building community, and making learning resources accessible, we’re partnering to create the digital public infrastructure of tomorrow.
- $72 million funded for open source
- 312,000 active developers
- 2.48k projects created
- the original Fantom Incentive Program received more than 100 applications and disbursed more than 35 million $FTM to some of the best TVL projects on Fantom
- Fantom users decide the allocations, with bigger FTM match rewards going to the projects most liked and supported by their users.
- Not all projects need to have huge TVL or usage numbers. Achieving product market success takes time. We want the incentive program to be accessible to builders targeting smaller, more specialized audiences. And leave them room for trial and error.
- Fantom will participate in the next round of Gitcoin grants, scheduled for June. As a special launch event, the Foundation will match user donations with 3M FTM in this first round. Subsequent rounds will receive 1.5 million matched FTMs in each round.
- 35m FTM distributed
- Protocols are rewarded based on their time-weighted average TVL. Currently, there are four bands as follows:
- $5,000,000 to $50,000,000 TVL = 1,000,000 FTM
- $50,000,000 to $100,000,000 TVL = 1,800,000 FTM
- $100,000,000 to $200,000,000 TVL = 5,000,000 FTM
- $200,000,000 TVL and above = 12,000,000 FTM
- We believe builders and developers know best how to allocate funds, so there is no restrictions on how the rewards can be used – whether to build the protocol or even for mining liquidity.
- This funding mechanism combines contributions from ordinary individuals with a pool of funds from matching partners. Thus, funds raised in matching pools are used to amplify individual community contributions. This means that projects with more community support will get better funding than those with fewer big donors.