IOTA Grants $2.89 Million to 26 Projects in Latest Funding Round

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IOTA Grants $2.89 Million to 26 Projects in Latest Funding Round
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The IOTA Foundation has unveiled its latest round of grants, allocating $2.89 million to 26 out of 99 applications, according to the IOTA Foundation Blog. This funding round underscores the foundation’s commitment to fostering innovation across various sectors, including Decentralized Finance (DeFi), NFT marketplaces, and SocialFi.

Grant Recipients and Their Contributions

Among the notable recipients, ioLend stands out in the lending category. ioLend is a pioneering DeFi platform that focuses on optimizing lending and liquidity. It enables users to maximize returns through various strategies, featuring yield-bearing collaterals and advanced risk management methodologies. The platform supports diverse assets and integrates with Liquidity Pool markets, boosting liquidity and enhancing Total Value Locked within the IOTA ecosystem.

Eco Forge Chronicles has received funding in the NFT marketplace category. This open-source trade-to-earn marketplace leverages Eco-Bound Tokens (EBTs) and redeemable NFTs to enhance Web3 engagement. It supports common NFT standards and allows for redeeming NFTs for digital goods, providing a versatile and customizable marketplace template.

Protico is another key recipient, operating in the SocialFi category. Protico is a DePIN-based social x data network aimed at creating social impact and profitability for both users and brands. It features the “Web3 Lobby,” a universal community layer that enables brands to create native community spaces and connect with Web3 identities in a decentralized manner.

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In the perpetuals category, Peppy Finance is developing a “degen-themed” SYMMIO-integrated frontend tailored to retail users. This new user interface aims to simplify the trading process and enhance user engagement by leveraging iGaming and online gaming design principles.

TokenLabs.Tools Audit has also been awarded a grant in the tooling category. TokenLabs.network is a no-code Web3 platform designed to democratize the creation and management of ERC20 tokens. The platform offers a secure, transparent, and user-friendly ecosystem for creating, managing, and auditing tokens without advanced technical knowledge.

Program Overview and Future Updates

The IOTA Ecosystem DLT Foundation’s Grants Program continues to be dedicated to fostering innovation across various digital asset projects. Moving forward, the foundation plans to provide more frequent updates to keep the community informed and engaged.

The Grants Program has received a total of 102 applications, with 25 grants awarded and $2.744 million granted so far, as of June 26, 2024. This latest round of funding brings the total grants awarded to $2.89 million.

For more information on the IOTA Grants Program and previous updates, visit the IOTA Foundation Blog.

Image source: Shutterstock



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