Fantom Announces 335M Incentive In FTM, Price Reacts To The Upside

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The Phantom Foundation announced an extension of its Incentive Program. The initiative was successful, it received 100 applications to support the ecosystem and paid out 35 million FTM. Thus, the organization is ready to expand it tenfold.

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This extension will spend $ 335 million on FTM to continue to provide financial assistance to developers building “unstoppable applications on the most accessible and usable blockchain”. The organization has partnered with Gitcoin Grants.

Projects will be able to submit their applications and receive funding depending on the Phantom community. Users will decide the allocation, as the foundation explained, projects with more user support will receive “greater FTM-compatible rewards”.

The fund aims to provide financial assistance to a “wider variety of project types”. Therefore, anyone building on Fantom, regardless of their sector or use case, will be “treated equally and consistently”.

In addition, the foundation is trying to provide its community with more power. As mentioned, they will occupy the main stage when they decide the projects that will be rewarded. The foundation is expected to encourage developers to create applications with users as a focus.

Even projects with a small total value locked (TVL) or low usage metric will be eligible to participate and could receive a share of the 335 million in FTM. The foundation claims that they will make this initiative “accessible to builders targeting smaller and more niche audiences.”

The Fantom Foundation has also announced that they will be participating in the next Gitcoin Grants round. Expected for June 2022, the fund will equal user donations with 3 million in FTM during the first round. Subsequent rounds will be matched with 1.5 million in FTM.

The foundation added the following:

As of today and indeed immediately, we are launching the previously announced incentive programs, both for DeFi and Games. We encourage current and pending candidates to apply for Gitcoin grants in the coming rounds.

Ghost After the Retirement of Andre Cronje De Crypto

As reported by NewsBTC, Fantom saw a negative impact when Andre Cronje announced his departure from the project. The price of its native token tended to the downside as pessimism grew among some owners.

However, the price of FTM has recovered, and the project seems to be able to continue without Cronje. At the time of writing, FTM is trading at $ 1.56 with a 5% profit in the last hour and a 19% profit in the past week.

Phantom FTM FTMUSDT
The price of FTM with small gains on the 4-hour chart. Source: FTMUSDT Tradingview

As the foundation announces more initiatives aimed at supporting the Phantom ecosystem, the projects appear ready to continue their current trajectory. Material Indicators data show that the price of FTM has broken over a large wall of demand orders below its current levels.

Phantom FTM FTMUSDT
Source: Material Indicators

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However, there is some resistance at $ 1.6 with little support or bid orders below the current price of FTM. In case of further disadvantage, $ 1.50 will be critical support.

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