Fantom Foundation announces an expansion of its Incentive Programme. It received 100 applications for support and distributed 35 million FTM. This means that the organisation is prepared to double it ten-fold.
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This extension will disburse 335 million in FTM to continue to provide financial aid to developers building “unstoppable applications on the most accessible and user-friendly blockchain”. Gitcoin Grants is the partner of this organization.
Fantom will enable projects to submit funding requests and be funded. Funds can also be received depending on how active the Fantom community is. The users will decide the allocation, as the foundation clarified, projects with more support from the users will receive “greater FTM matching rewards”.
The foundation aims at providing financial aid to a “wider variety of project types”. Therefore, anyone building on Fantom, regardless of their sector or use case, will be “treated equally and consistently”.
Additionally, the foundation aims to empower its communities. They will also be the ones deciding which projects will receive a reward, as previously mentioned. As a priority, the foundation will encourage developers to make applications that are usable by users.
Participation is open to all projects, regardless of their total value or usage metrics. The foundation claims that they will make this initiative “accessible to builders targeting smaller and more niche audiences”.
Fantom Foundation has also confirmed that they will participate in the Gitcoin Grants round. The foundation is expected to match donations from users with three million FTM in the initial round. In subsequent rounds, 1.5 million FTM will be used to match donations.
This was added to the foundation’s existing collection:
As of today and effective immediately, we’re sunsetting the previously announced incentive programs, both for DeFi and Games. Gitcoin grants are available to all applicants, current or pending.
Fantom After Andre Cronje’s Retirement From Crypto
NewsBTC reported that Fantom experienced a decline after Andre Cronje’s announcement of his departure. Pessimism among some holders led to a decline in the native token’s price.
However, FTM’s price has recovered, and the project seems able to carry on without Cronje. FTM is trading at $1.56, with a profit of 5% in the hour just before writing and 19% in the week prior.
The foundation is announcing more initiatives to support the Fantom ecosystem. Projects seem set to maintain their current course. Data from Material Indicators shows FTM’s price broke above a large wall of asks orders below its current levels.
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Still, there is some resistance at $1.6 with little support or bid orders below FTM’s current price. Support at $1.50 is crucial in the event of any further decline.