Crypto News
Fantom launches on-chain funding system Ecosystem Vault
Fantom Foundation, the platform behind the Fantom (FTM) blockchain announced the launch of Ecosystem Vault on Friday.
Vault is a decentralised funding mechanism that will be financed by 10% of FTM transaction fees.
The funds in the vault are available to projects that get 55% approval in community-driven governance vote.
Fantom, a scalable Layer-1 blockchain platform, has officially launched Ecosystem Vault, a decentralised funding pool that will empower and help builders deploy new community-driven projects on the blockchain.
Vault to boost Fantom’s dApps ecosystem
Announcing that Vault was officially live, Fantom noted in a blog post that the funding mechanism will encompass governance proposals from the community.
The project represents Fantom’s continuing evolution as the community eyes further decentralisation, the Fantom Foundation team wrote.
Vault’s on-chain mechanism allows for a funding profile where projects and developers seeking to build decentralised apps (dApps) in the ecosystem can secure financing. As noted above, the funding pool also gives the Fantom community a chance to contribute to the growth of the blockchain via their funding decisions.
Per the Fantom Foundation, the Ecosystem Vault will get funds from 10% of transaction fees. The community controls these funds, which are a result of a reduction in the burn rate of native token FTM.
Anyone can apply for the funds in the Vault, a process that requires applicants to create a Fantom Governance proposal (has 100 FTM fee). Afterwards, the proposal will need approval from 55% of the community based on 55% quorum. The Foundation tweeted:
5/ A proposal must receive at least 55% approval with 55% quorum to be considered successful. @Llamapay_io will be used to distribute all funding. Only wallet addresses included in the application can be paid.
— Fantom Foundation (@FantomFDN) January 19, 2023
As of Friday, 20 January, 2023 at 11:06 am ET, the vault held roughly 69,247 FTM tokens valued at just over $21,000.
The post Fantom launches on-chain funding system Ecosystem Vault appeared first on CoinJournal.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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