Fantom's FTM tokens are up 50% after the team announced the launch of a $315 million DeFi incentive program.
Fantom is a blockchain platform built on top of the Directed Acyclic Graph, also used by blockchains such as Hedera Hashgraph and IOTA.
The announcement of the launch of an incentive program within the Fantom ecosystem seems to have reassured many members of the cryptocurrency community. Because on the same day, the FTM token added 50% in price, reaching the $0.89 mark against the morning rate of $0.56 per token on the Binance cryptocurrency exchange.
The various teams responsible for running the protocols can now apply for a Bounty from the Fantom Foundation. In this case, the amount of remuneration directly depends on the total blocked cost of the project (TVL). The grants awarded will start from 1 million FTM tokens (about $820,000) to 5 million FTM (over $4.1 million). The total amount of funds allocated for grants exceeds $315 million.
The Fantom Foundation believes that the development teams that form the network better than the rest of its participants know how to properly allocate funds. Instead of evenly dividing funds among several favorite protocols, the management decided to give a chance to prove themselves to each development team operating within the Fantom blockchain platform.
Speaking about TVL participating projects that can receive grants, the Fantom Foundation mentioned the prerequisite for “proof of value” to be eligible to participate in the DeFi program. For this, the TVL value of the protocol must remain at the weighted average level in the range of 5 to 100 million dollars over a long period.
At the moment, the FTM token has slightly calmed its growth rate, dropping its value to $0.80 on Binance. However, its daily rate is still about 20% growth, according to data from CoinMarketCap. At the same time, a record figure was reached by the token on May 10, 2021, and since then it has not yet managed to repeat its success. However, if the news background turns out to be as favorable for the project as in the past few days, then the FTM price will surely go beyond $1 per token.
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