Fantom Foundation Completes FTM Allocation for First Round of Gitcoin Grants

02/24/2023 04:05 • AI & Tech Insights • 71 views

It is reported that the Fantom Foundation has announced that it has completed the FTM allocation for the projects participating in the first round of Fantom Gitcoin Grants, with a matching fund of 125000 FTM, and the community has donated 240942 FTM, a total of 365942 FTMs.

Fantom Foundation: FTM allocation has been completed for projects participating in the first round of Fantom Gitcoin Grants

Interpretation of the news:

The Fantom Foundation has successfully concluded the FTM allocation for the first round of Gitcoin Grants. Fantom, a blockchain platform that provides fast and secure transactions, has displayed its commitment to fostering innovation by supporting projects under the Gitcoin Grants initiative.

Gitcoin Grants is an open-source network that connects software developers to funding through a decentralized funding platform. This platform allows developers to get paid for their work via cryptocurrencies. The first round of Gitcoin Grants was held from December 2 to December 18, 2021, with over 2,000 developers participating in various projects.

The Fantom Foundation, being one of the biggest supporters of decentralized finance and blockchain technology, played an active role in this first round of Gitcoin Grants. It pledged a matching fund of 125,000 FTM for the projects that took part in the initiative. Additionally, the community donated 240,942 FTM, bringing the total allocation to 365,942 FTMs.

This shows the commitment of the Fantom Foundation to advancing the growth of the blockchain ecosystem, fueled by its belief that research and development are essential to unleashing the full potential of blockchain technology. Therefore, it invested the time, effort and financial resources needed to ensure the success of the projects.

The allocation of the FTM to the projects demonstrates the foundation’s commitment to supporting developers who are contributing to the development of decentralized finance and blockchain technology. The projects will use the funding to create innovative and sustainable infrastructure that will increase the adoption of blockchain technology.

In conclusion, the successful completion of the FTM allocation for the first round of Gitcoin Grants is impressive and indicates the Foundation’s commitment to fostering innovation and growth in the blockchain ecosystem. By supporting developers and providing financial backing for innovative projects, the Fantom Foundation is paving the way for the growth and sustainability of blockchain technology.

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