Ethereum Rival Launched New Ecosystem Fund

It’s been just revealed that an Ethereum rival just launched a new on-chain ecosystem that is designed to provide capital for supporters who are looking to build on the Ethereum rival blockchain. Check out the latest reports below.

The layer-1 blockchain project is now operating the “Ecosystem Vault,” a new fund “aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas and creations through a community-driven decision process.”

The Fantom Foundation notes in a new announcement that the Vault is an on-chain fund controlled by the Fantom community and paid for by 10% of the blockchain’s transaction fees.

“The initiative was made possible by decreasing the burn rate of FTM and redirecting the resulting 10% to the Vault.”

The same notes continue and say the following:

“The Vault represents a valuable opportunity for projects to secure funding in their efforts to build innovative DApps on Fantom. It’s also a chance for the Fantom community to come together and shape the future of the platform through their funding decisions.”

Digital asset prices have been falling steadily since last November. The combined market capitalization taking an over 60% hit by December 16, 2022.

In the meantime, Terra’s collapse, the bankruptcy of prominent CeFi providers like Celsius and Voyager, as well as the high-profile FTX scandal aggravated the negative impacts of the ongoing bear market.

While the crypto market is moving moves in sync with the rest of the economy, its movement is more significant than others.

Economic data that can impact commodities or stock prices by a couple of percentage points can move crypto markets by three or four times that.

And for many institutional investors, crypto’s volatility is a money-making opportunity, regardless of its direction. Stay tuned for more news.