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Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets

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Fantom (FTM) has just launched a new on-chain ecosystem fund designed to provide capital for supporters looking to build on the Ethereum (ETH) rival’s blockchain.

The layer-1 blockchain project is now operating the “Ecosystem Vault,” a new fund “aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas and creations through a community-driven decision process.”

FTM is trading for $0.352 at time of writing. The 54th-ranked crypto asset by market cap is up more than 15% in the past 24 hours and around 54% in the past seven days. The token is also up more than 80% since the beginning of 2023.

The Fantom Foundation notes in a new announcement that the Vault is an on-chain fund controlled by the Fantom community and paid for by 10% of the blockchain’s transaction fees.

“The initiative was made possible by decreasing the burn rate of FTM and redirecting the resulting 10% to the Vault.

The Vault represents a valuable opportunity for projects to secure funding in their efforts to build innovative DApps on Fantom. It’s also a chance for the Fantom community to come together and shape the future of the platform through their funding decisions.”

Despite FTM’s recent price gains, the asset still remains more than 89% down from its all-time high of $3.46, which it hit in October 2021.

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