370M FTM Incentive Program by Fantom

Fantom is committing 370,000,000 FTM to incentive program.

The process and requirements are as follows:

1. A protocol team can apply for rewards if the TVL on that protocol can stay above a time-weighted-average of $5,000,000 or $100,000,000 for an extended period of time.
2. They’ll open a submission form, where protocol teams can provide information about the protocol, a publicly-verifiable team address (preferably a multi-sig), and a DeFiLlama link to track TVL.
3. Once the Foundation has approved the application, a two-month long cliff commences, after which rewards will start to vest on a monthly-basis.
4. If at any given point, the time-weighted-average of the protocol’s TVL goes below the $5,000,000 bandwidth, rewards will be paused until the TVL climbs back up to the respective bandwidth.
   For higher bands, falling under a respective bandwidth will simply move the reward tier back to the previous level or band.
5. The program applies to both new and existing protocols on Fantom.

About Fantom

Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in 1 second and cost a fraction of a cent. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use-cases.

INFO:

Announcing 370m FTM incentive program

Source: https://thebittimes.com/370m-ftm-incentive-program-by-fantom-tbt2001.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: DeFI News

Post by: TheBitTimes.com