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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Fantom FTM FTMUSDT

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The Fantom Foundation announced an extension of its Incentive Program. The initiative was successful, it received 100 applications to support the ecosystem and disbursed 35 million FTM. Thus, the organization is ready to increase it by ten-fold.

Related Reading | Why Fantom Fell 22% Following Key Personnel Exit

This extension will disburse 335 million in FTM to continue to provide financial aid to developers building “unstoppable applications on the most accessible and user-friendly blockchain”. The organization has partnered with Gitcoin Grants.

Projects will be able to submit their applications and receive funds depending on the Fantom community. The users will decide the allocation, as the foundation clarified, projects with more support from the users will receive “greater FTM matching rewards”.

The foundation aims at providing financial aid 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 attempts to provide its community with more power. As mentioned, they will take center stage when deciding the projects that will be rewarded. The foundation expects to encourage developers to create applications with users as a focus.

Even projects with small total value locked (TVL) or low usage metrics will be allowed to participate and could receive part 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 also announced that they will be participating in the upcoming Gitcoin Grants round. Expected for June 2022, the foundation will match 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 effective immediately, we’re sunsetting the previously announced incentive programs, both for DeFi and Games. We encourage current and pending applicants to apply for Gitcoin grants in the forthcoming rounds.

Fantom After Andre Cronje’s Retirement From Crypto

As NewsBTC reported, Fantom saw a negative impact when Andre Cronje announced its departure from the project. The price of its native token trended to the downside as pessimism grew amongst some holders.

However, FTM’s price has recovered, and the project seems able to carry on without Cronje. At the time of writing, FTM trades at $1.56 with a 5% profit in the last hour and a 19% profit in the past week.

Fantom FTM FTMUSDT
FTM’s price with small gains on the 4-hour chart. Source: FTMUSDT Tradingview

As the foundation announces more initiatives aimed at supporting the Fantom ecosystem, the projects seem poised to continue on their current trajectory. Data from Material Indicators shows FTM’s price broke above a large wall of asks orders below its current levels.

Fantom FTM FTMUSDT
Source: Material Indicators

Related Reading | Yearn Finance Creator To Launch New AMM, What It’s All About?

Still, there is some resistance at $1.6 with little support or bid orders below FTM’s current price. In case of further downside action, $1.50 will be critical support.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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