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Fantom Foundation announces stimulus package worth 335 million FTM

In a blog post this morning, the Fantom Foundation announced a new 335 million FTM incentive program in partnership with Gitcoin Grants.

Fantom is getting a boost to its ecosystem in the form of a new incentive program announced today.

Gitcoin Grants is an initiative that allows builders to fund their open source projects for the public good. Funding through Gitcoin Grants is possible thanks to Quadratic Funding (QF), a system that allows matching contributions from Gitcoin’s QF Fund, traditionally funded by donors in the Ethereum ecosystem.

The first Fantom Incentive, launched on August 30, 2021, has received over 100 applications and spent more than 35 million FTM on some of the ecosystem’s biggest projects to date.

Through the new incentive program, Fantom users will be able to specify which projects will receive a larger FTM matching reward.

The Fantom Foundation has also clearly outlined the goals they are trying to achieve with the grant program. The first is to increase the variety of projects built in the Fantom Ecosystem, focusing on DeFi, Gaming, NFTs, education, and core blockchain architecture. The Foundation also hopes to decentralize decision-making by rewarding the most deserving projects and, ultimately, supporting smaller projects with lower TVLs and more niche users, thus encouraging a culture of trial-error.

The next round of Gitcoin Grants is scheduled to take place in June and to celebrate the launch, the Fantom Foundation has decided to combine user donations with 3 million FTM in this first round and with 1.5 million FTM in the next rounds.

The Fantom Foundation has encouraged all current and pending applicants to apply for the upcoming rounds of Gitcoin Grants as today is the last day for the previous offer.