DeFi
IOTA Foundation Announces $2.9 Million in Grants for Projects
- The IOTA Foundation announces that 25 projects have so far benefited from its grant, with $2,744,000 in funding awarded so far.
- According to IOTA, the evaluation process was designed to ensure that all candidates are evaluated on a fair scale.
The IOTA Ecosystem DLT Foundation reportedly recently announced IOTA Grants 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 the full potential of IOTA 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 breakthrough 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 the 102 applications received.
Some of the recipients of IOTA grants
According to the IOTA Foundation websiteone of the grant recipients is ioLend, a DeFi platform that focuses on optimizing lending and liquidity. As highlighted, ioLend was designed to aggregate yield opportunities across different networks and ensure that users use a variety of strategies to maximize yields. Our review of the platform shows that it offers yield-bearing collateral 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 recipient of IOTA grants is Eco Forge Chronicles, an open source money-making exchange intended to enable improved Web3 engagement using Eco-Bound Tokens (EBT) as well as Tradeable NFTs.
An excerpt 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.
Additionally, TokenLabs.network, a no-code Web3 platform that seeks to democratize the creation and management of ERC-20 tokens, secured a portion 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 its no-code Web3 platform, with no technical expertise required. This second grant ensures that their platform adheres to security standards. 🔒— IOTA (@iota) June 28, 2024
A look at 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 scrutiny 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 press time, IOTA’s native token, MIOTAwas trading at $0.17 after jumping 1.12% in the last 24 hours.
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