Fantom community members held a governing vote proposing to use one-third of the network's usage fees to fund new projects being built in the Fantom ecosystem. In the voting, almost all users supported this idea.
The voting, which started on 5 July, was accepted by the votes of almost all of the participants. Details on the voting page show that 99.75% of all votes cast support the plan. Voting was due to end on October 3, but ended prematurely as the vote exceeded the quorum of 55%.
Fantom is currently burning 30 percent of all tokens paid as network fees – meaning it is, in a sense, permanently removed from circulation. After voting, one-third of this 30 percent fee value will be sent to an “Ecosystem Support Vault” project regulated through the Special Fee Agreement (SFC). After the ecosystem vault is financed, Famtom's burn rate will drop to 20%. The Special Fee Agreement will be controlled by Fantom network validators and shareholders through on-chain governance and community offerings. The remaining two-thirds of transaction fees will continue to be burned as usual.
Payments will be made manually, initially through the Fantom Foundation, using tools such as LlamaPay to fund projects whose bids have been approved by the Ecosystem Vault. The developers state that community members need to add eligibility periods for payments to ensure that project founders are encouraged to work continuously to receive payments all at once and avoid potential loss of interest.
The phantom price was recorded as $0.323 at the time of writing, according to CoinGecko data. Phantom (FTM)'s last 24-hour trading volume was $287,203,814. FTM price is up 11.5% in the last 24 hours. There is a supply of 2.5 Billion FTM coins in circulation, and a total supply of 3.18 Billion FTM coins. BingX is currently the most active market for FTM trading.