Fantom . Foundation announced an extension of the Incentive Program. The initiative was successful, receiving 100 applications to support the ecosystem and paying 35 million FTM. So the organization is ready to increase it tenfold.
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This expansion will pay out 335 million in FTM to continue providing financial support to developers who “build unstoppable applications on the most accessible and easy-to-use blockchain.” The organization is partnering with Gitcoin Grants.
Projects can apply and receive funding depending on the Fantom community. The users will decide on the allocation, as the foundation has clarified, projects with more support from the users will receive “larger FTM matching rewards”.
The foundation aims to provide financial support to a “greater variety of project types”. Therefore, anyone who builds on Fantom, regardless of their industry or usage situation, will be treated “equally and consistently”.
In addition, the foundation tries to give its community more clout. As mentioned, they will be central to determining the projects that will be awarded. The foundation expects to encourage developers to create user-centric applications.
Even projects with a small total value locked (TVL) or low usage statistics are allowed to participate and receive a share of the 335 million in FTM. The foundation claims they will make this initiative “accessible to builders targeting a smaller and more niche audience.”
The Fantom Foundation has also announced that they will participate in the upcoming Gitcoin Grants round. In June 2022, the foundation is expected to double user donations by FTM 3 million during the first round. Subsequent rounds will be matched with 1.5 million FTM.
The foundation added the following:
Effective today and effective immediately, we are discontinuing previously announced incentive programs for both DeFi and Games. We encourage current and pending applicants to apply for Gitcoin scholarships in the upcoming rounds.
Fantom After Andre Cronje’s Retirement From Crypto
As Coin-Crypto reported, Fantom saw a negative impact when Andre Cronje announced his departure from the project. The price of its original token tended to decline as pessimism grew among some holders.
However, FTM’s price has recovered and the project appears to be able to proceed without Cronje. At the time of writing, FTM is trading at $1.56 with a 5% gain in the last hour and a gain of 19% in the past week.
FTM’s price with small gains on the 4-hour chart. Source: FTMUSDT Trading Review
As the foundation announces more initiatives aimed at supporting the Fantom ecosystem, the projects appear poised to continue on their current trajectory. Data from Material Indicators shows that the price of FTM broke above a large wall of demand orders below its current level.
Source: Material Indicators
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Still, there is some resistance near $1.6 with little support or bid orders below FTM’s current price. In the event of further downside action, $1.50 will be a critical support.