A $318,000,000 incentive program is fueling the fast rise of the crypto asset Fantom (FTM).
The team behind the smart contract platform and 70th-ranked altcoin says it’s committing the funds to support developers who want to build on the platform.
“…We have decided to introduce a different kind of program to better align incentives between users, builders, and the network.
We believe that builders are the best ones to judge where funds should be allocated, whether they should be provided to build the protocol, or if they need to be used for liquidity mining.
Rather than playing favorites and providing a majority of our resources to a handful of protocols, we’re opening this up to every dev team that will deploy on Fantom.”
Protocol teams will be able to apply for rewards from the Fantom Foundation.
Upon approval, protocols can expect to begin receiving monthly awards after an initial two-month cliff.
Along with the smart contract platform’s incentive program, Coinbase recently integrated FTM into its digital wallet, which will allow Coinbase users to easily interact with the Fantom network and utilize its range of decentralized applications (Dapps).
From this past week’s local low of $0.42, FTM has rallied more than 137%, topping out at $0.93 before resting at its current price of $0.86, according to CoinGecko.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/dwphotos