Projects that use the Fantom ecosystem may now apply for financing through the Gitcoin Grants Incentive Program.
The Fantom Foundation launched a new 335 million FTM reward program this morning in a blog post in partnership with Gitcoin Grants. Fantom’s ecology is being bolstered by a new incentive program introduced today.
Gitcoin Grants is a program that enables developers to support their open source projects for the greater good. Gitcoin Grants funding is made possible through Quadratic Funding (QF), a scheme that enables for matching donations from Gitcoin’s QF Fund, which is usually funded by Ethereum ecosystem contributors.
The first Fantom Incentive Program, which began on August 30th, 2021, has received over 100 submissions and distributed over 35 million FTM to some of the ecosystem’s largest initiatives.
Fantom’s customers will be able to choose which projects will get more FTM matching benefits under the new incentive scheme.
The Fantom Foundation has also stated the financing program’s aims. The first objective is to broaden the range of initiatives in the Fantom Ecosystem, with a particular emphasis on DeFi, gaming, NFTs, education, and core blockchain architecture. Additionally, the Foundation intends to decentralise decision-making by awarding the most worthy initiatives, and to promote smaller projects with a lower TVL and more specialised audiences, therefore encouraging a trial-and-error culture.
The second round of Gitcoin Grants is slated for June, and to commemorate the launch, 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.
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.