The Tangle Community Treasury of IOTA has revealed its strategic operations for the third quarter of the year. The team is currently focusing on two or four strong Tier II proposals. The Tangle Community Treasury, a rapidly growing project within IOTA, is trading its Shimmer token (SMR) at a lower price. At present, the total treasury stands at approximately $824,043 USDT. The Treasury estimates that there are running costs of around 99,126 USDT to cover operations until the end of 2024. There are still outstanding payouts for grant receivers.
Furthermore, there are outstanding payouts totaling $322,855 for approved grant receivers. So far, a total of $517,017 has been approved, with $194,162 already paid out. In addition, $300,000 has been earmarked to support liquidity pools when the Shimmer EVM has a proper bridge.
This means that there is $100,000 left for grant funding this quarter. While SMR was trading at $0.045 yesterday, the grant funding amount was $200,000. The report discusses the strategies for this quarter’s funding and considers two options: either several Tier I proposals or a few strong Tier II proposals. After careful consideration, it was decided that the team would focus on two or four solid Tier II proposals. This means that no Tier I proposals will be reviewed for the remainder of the quarter, resulting in lower review costs to manage operating expenses.
In other news from the Tangle Community Treasury Report, a grant submitted by Fluent DAO has 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. Fluent has also been recognized on Zawya.com. Their efforts in engineering and business development are based on the belief that decentralized mechanics enable fairer and more open systems, whether in on-chain or traditional environments.
The CEO of AllgoodFuturist has expressed in an Op-Ed that using Central Bank Digital Currency (CBDC) to undermine, bypass, or harm the commercial banking sector is a recipe for 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.
As of now, the Shimmer token (SMR) is trading at $0.04304, experiencing a 6.4 percent decrease in the last seven days. However, in the past 24 hours, it has seen a 1.6 percent increase. On the other hand, IOTA has declined by 5 percent in the last seven days but has made a 3 percent surge in the past 24 hours, trading at $0.148291.
IOTA currently has a 24-hour trading volume of $4,759,109 and a market cap of $407,214,316.