The IOTA Foundation has announced that 25 projects have received a total of $2,744,000 in funding through its grant program. This initiative is part of IOTA’s commitment to fostering innovation and accelerating the development of projects within the Web3 ecosystem.
The evaluation process for the grants ensures a fair and rigorous assessment of all applications. Designed to support those with promising ideas but limited resources, IOTA Grants aim to unlock the full potential of the IOTA ecosystem by providing financial assistance to innovators and creators.
Since the launch of this initiative, 25 Decentralized Finance (DeFi) and Non-Fungible Token (NFT) projects out of 102 applicants have received funding. One such recipient is ioLend, a DeFi platform focused on optimizing lending and liquidity. ioLend aggregates yield opportunities across various networks, employing advanced risk management methodologies and supporting multiple assets to enhance the Total Value Locked within the IOTA ecosystem.
Another beneficiary, Eco Forge Chronicles, is an open-source trade-to-earn marketplace that uses Eco-Bound Tokens (EBTs) and redeemable NFTs to boost Web3 engagement. The platform supports common NFT standards and offers a customizable marketplace template, making it a versatile tool for ecosystem growth.
Peppy Finance, with its “degen-themed” SYMMIO-integrated frontend for retail users, also received funding. This platform leverages iGaming and online gaming design principles to provide an engaging user experience.
TokenLabs.network, a no-code Web3 platform that democratizes the creation and management of ERC-20 tokens, also benefited from the grant. This second round of funding will help ensure their platform adheres to high security standards.
The IOTA Grant program focuses on four main categories: Open-Source Development, Research, Education, and Events. The evaluation process ensures that all applications are subjected to the same level of scrutiny, with funds allocated to projects that demonstrate the highest potential impact.
The IOTA Foundation encourages all innovators, developers, and creators to take advantage of this opportunity to drive positive change within the ecosystem. As of the latest update, the native token of IOTA, MIOTA, was trading at $0.17, reflecting a 1.12% increase in the past 24 hours.
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