Fantom Token Increased 50% After $315M Incentive Program Launch

The Fantom token increased 50% after the recent $315 million incentive program launch that is open to development teams that deploy on the network as we can see more in our latest altcoin news today.

The announcement of the new incentive program gave a huge boost to the Fantom token as it increased by 50% a day ago. FTM trading started at $0.57 according to CoinGecko but the token surged to a daily high of $0.88 soon after the Foundation revealed a new program aimed at supporting the Defi developers in the ecosystem.

DeFi is a section of the crypto industry that offers plenty of the same financial services as banks and brokers but rather than centralized companies, Defi relies on lines of code that allow users to lend, trade, borrow, and more. Fantom is a blockchain platform based on Directed Acyclic Graph technology that is used by IOTA and Hedera Hashgraph. Back in 2019, rating company Weiss called Fantom as one of the cryptos better than Bitcoin.

Over 1 million transactions today on Fantom! https://t.co/6kVgczSymr

— Fantom Foundation (@FantomFDN) August 30, 2021

According to the announcement from a day ago, various protocol teams can apply for rewards from the Foundation based on the Total value locked on their platforms. The grants will scale anywhere between one million FTM and five million with teh total reward pool amounting to 370 million. The Foundation stated:

“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.”

Announcing a 370 million FTM incentive program for builders!

If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom.

Start building today! #buildonfantom https://t.co/AFvAayhsEe

— Fantom Foundation (@FantomFDN) August 30, 2021

Despite the initiative’s openness, protocols will need to prove their worth to become eligible. A platform’s TVL will have to stay above the time-weighted average of $5,000,000 or $100,000,000 for an extended period of time to apply for the rewards. While the FTM price rally slowed down, the token is still steadily rising. At the time of writing, it was trading at around $0.83.

As recently reported, Fantom provides a high-performance solution to the limitations of other blockchain platforms that specialize in providing a faster transaction speed and lower transaction fees as well. With the latest network upgrade, Fantom is the fastest blockchain on the market in terms of transaction speeds. Fantom is a layer-1 platform that is built on permissionless a BFT consensus protocol which ensures that the blockchain has a huge shot of decentralization, scalability, and security to rival the likes of other banking institutions. Some of the key defining features include speed, transaction of 1 to 2 seconds, and going into sub-seconds with the new upgrade.

Source: https://www.dcforecasts.com/altcoin-news/fantom-token-increased-50-after-315m-incentive-program-launch/