The Tangle Community Treasury of IOTA has revealed its strategic operations for the third quarter of this year. The team is currently focusing on a select few Tier II proposals. The Tangle Community Treasury is a rapidly growing project within the IOTA ecosystem. The price of its Shimmer token (SMR) is currently trading at a lower value. At present, the total treasury stands at approximately $824,043 USDT, based on the current price. The Tangle Community Treasury estimates that there are running costs of around 99,126 USDT to cover operational expenses until the end of 2024. Currently, there are outstanding payouts for grant recipients.
Additionally, there are outstanding payouts totaling $322,855 for approved grant recipients. To date, a total of $517,017 has been approved, with $194,162 already paid out. Furthermore, $300,000 has been allocated to support liquidity pools once Shimmer EVM has a proper bridge. This means that there is $100,000 remaining for grant funding this quarter. Yesterday, when SMR was trading at $0.045, the amount allocated for grant funding was $200,000. The report discusses the strategies for this quarter’s funding and considers two options: either several Tier I proposals or a couple of strong Tier II proposals. After deliberation, it was decided that the team would focus on two or four solid Tier II proposals. Consequently, there will be no review of any Tier I proposals for the rest of the quarter, resulting in reduced review costs to manage operating expenses.
The Tangle Community Treasury Report also mentions the approval of a recent grant submitted by Fluent DAO. Additionally, a grant submitted by @FluentDAO has also been approved. Fluent is leading the way in deposit token infrastructure to streamline international trade finance and aid delivery. This grant will introduce a native stable token to the Shimmer network. It is worth noting that Fluent has been recognized on Zawya.com. Fluent’s engineering and business development efforts are based on the belief that decentralized mechanics enable fairer, more open systems in both on-chain and traditional environments.
In an Op-Ed, the CEO of AllgoodFuturist has expressed that using Central Bank Digital Currency (CBDC) to undermine, bypass, or cannibalize the commercial banking sector will lead to failure. HE Al Zeyoudi has expressed his optimism about the Fluent Economic Bridge and the potential for digital currencies to enhance the efficiency and accessibility of the global supply chain. The Tangle Community Treasury is exploring the possibility of Fluent.Finance modernizing the digital financial system and improving the efficiency and accessibility of the global supply chain.
At the time of writing, the price of shimmer (SMR) was $0.04304, experiencing a 6.4% decrease in the past seven days. However, in the last 24 hours, the asset has seen a 1.6% increase. On the other hand, IOTA has declined by 5% in the past week but has made a 3% surge in the last 24 hours, currently trading at $0.148291. IOTA has a 24-hour trading volume of $4,759,109 and a market cap of $407,214,316.
