DeFi
IOTA Foundation announces $2.9 million in project grants
- The IOTA Foundation announces that 25 projects have benefited from its grant so far, with $2,744,000 in funding distributed so far.
- According to IOTA, the evaluation process was designed to ensure that all candidates are evaluated on a fair scale.
The DLT Foundation of the IOTA ecosystem reportedly recently announced IOTA Exchanges to provide financial support to innovators and creators. According to the previous press release, the initiative was designed to nurture and accelerate the development of innovative projects within the Web3 ecosystem while ensuring that IOTA’s full potential is unleashed.
IOTA Grants are specifically designed to provide financial assistance to those who have promising ideas but lack the resources to bring them to fruition. Our goal is to foster and accelerate the development of innovative projects in the Web3 space, ensuring that revolutionary ideas receive the support they deserve.
Months after the implementation of this exciting initiative, a total of $2,744,000 in funding has been awarded to 25 decentralized finance (DeFi) and non-fungible token (NFT) projects out of 102 applications received.
Some of the recipients of IOTA grants
According to the IOTA Foundation websiteioLend, a DeFi platform that focuses on lending and liquidity optimization, is one of the beneficiaries of this grant. As noted, ioLend was designed to aggregate yield opportunities across various networks and to ensure that users use diverse strategies to maximize yields. Our review of the platform shows that it offers yield-generating guarantees and advanced risk management methodologies. Finally, it integrates with liquidity pools, supports different assets and ensures the improvement of the total value locked within the IOTA ecosystem.
Another IOTA grant recipient is Eco Forge Chronicles, an open-source, money-making exchange marketplace designed to enable the enhancement of Web3 engagement using Eco-Bound Tokens (EBTs) as well as tradable NFTs.
An extract from the site says:
The platform promotes ecosystem sustainability and user engagement by allowing projects to offer rewards that bind users to their ecosystems without depleting resources. Eco Forge Chronicles supports common NFT standards and allows NFTs to be exchanged for digital assets. It serves as a building block that projects and builders can adapt to their needs, providing a versatile and customizable marketplace model. This makes it a dynamic addition and solution for ecosystem growth.
Other beneficiaries
Peppy Finance, a platform that seeks to develop a “degen-themed” SYMMIO-integrated interface tailored to individual users, also became a recipient of the IOTA grant. The platform offers a seamless and engaging experience by leveraging iGaming and online gaming design principles.
Separately, a no-code Web3 platform that seeks to democratize the creation and management of ERC-20 tokens, TokenLabs.network, secured part of the $2.7 million in grants.
And finally, here is grant #2 for @TokenLabsX! The TokenLabs network allows anyone to create, manage, and audit ERC20 tokens with their no-code Web3 platform, with no technical expertise required. This second grant ensures their platform adheres to security standards. 🔒— IOTA (@iota) June 28, 2024
A review of the IOTA grant description shows that it prioritizes development in any or all of these four categories: open source development, research, education, and events. Additionally, the evaluation process has been designed to allow all applications to be subject to the same level of review and to ensure that funds are allocated to projects that have the greatest potential for impact.
As subsidies are reintroduced to the IOTA ecosystem, we encourage all innovators, developers and creators to seize this opportunity. Your ideas have the power to drive positive change in the ecosystem, and the IOTA Ecosystem DLT Foundation is here to support you.
At the time of going to press, IOTA’s native token, MIOTAwas trading at $0.17 after jumping 1.12% in the past 24 hours.
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