The IOTA Foundation has announced that 25 projects have already benefited from its grants, receiving a total of $2,744,000 in funding. The foundation has implemented an evaluation process aimed at ensuring fair assessment for all applicants.
Recently, the IOTA Ecosystem DLT Foundation revealed its IOTA Grants program, which offers financial backing to innovators and creators. The initiative aims to nurture and expedite the development of innovative projects within the Web3 ecosystem, unlocking the full potential of IOTA.
The IOTA Grants are tailored to provide financial aid to individuals with promising ideas but lacking the necessary resources to bring them to fruition. The primary objective is to foster the growth of groundbreaking projects in the Web3 domain, ensuring they receive the support they require.
After the initiative’s launch, a total of $2,744,000 has been disbursed to 25 projects focusing on Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) out of the 102 applications received.
Among the recipients of the IOTA Grants is ioLend, a DeFi platform specializing in optimizing lending and liquidity solutions. The platform aggregates yield opportunities across various networks and facilitates the implementation of strategies to enhance returns. It features yield-bearing collaterals, advanced risk management techniques, integrates with liquidity pools, supports multiple assets, and bolsters the Total Value Locked within the IOTA ecosystem.
Another beneficiary, Eco Forge Chronicles, operates as an open-source trade-to-earn marketplace utilizing Eco-Bound Tokens (EBTs) and redeemable NFTs to boost engagement in the Web3 space.
Peppy Finance, a platform developing a “degen-themed” SYMMIO-integrated frontend for retail users, and TokenLabs.network, a no-code Web3 platform aiming to simplify ERC-20 token creation and management, are also recipients of the grants.
The grants emphasize support for open-source development, research, education, and events. The evaluation process ensures equitable scrutiny for all applications, directing funds towards projects with the potential for significant impact.
In an evolving ecosystem, innovators, developers, and creators are encouraged to seize the opportunities presented by the IOTA Ecosystem DLT Foundation to drive positive changes. The native token of IOTA, MIOTA, was trading at $0.17, showing a 1.12% surge in the last 24 hours.
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