IOTA Expands Its Grants Program With New DeFi, SocialFi, and Tooling Grantees

IOTA's Grants Program is now in its third phase. So far, it has already rolled out a total of $2.894 million in funding to 26 applicants.

The IOTA Foundation has announced the third phase of its Grants Program, which has already allocated a total of $2.894 million in funding to 26 promising applicants. Among the fastest-growing grantees is MagicSea, a trading platform powered by IOTA technology, which now boasts a total value locked (TVL) of approximately $2 million, according to Defi Llama.

This phase of the IOTA Grants Program has seen a diverse range of new recipients, particularly in the realm of decentralized finance (DeFi) platforms. These grantees span a wide spectrum, from lending and NFT (non-fungible token) marketplaces to SocialFi platforms and tooling.

ioLend is a platform that aims to optimize lending and liquidity by aggregating various yield opportunities across networks. The platform provides users with a comprehensive view of the available strategies to maximize their returns. It also boasts advanced risk management and yield-bearing collateral features.

Another grantee, Eco Forge Chronicles, is a trade-to-earn marketplace that seeks to enhance Web3 engagement through its Eco-Bound Tokens (EBTs) and redeemable NFTs. One unique aspect of this platform is its focus on sustainability, aiming to create a thriving ecosystem for Web3 projects without depleting resources. Eco Forge Chronicles also enables the redemption of NFTs for digital goods and provides a customizable marketplace template for projects and developers.

Peppy, a platform that currently offers perpetual trading of Bitcoin (BTC), Ethereum (ETH), and Shimmer (SMR) with up to 100x leverage directly from the user's wallet, is set to receive IOTA funding to bolster its SYMMIO-integrated frontend, a trustless clearing house for derivatives. Unlike the majority of SYMMIO frontends, which cater to professional traders, Peppy's "degen-themed" platform is designed to engage retail users within the iGaming and online gaming space.

Protico, a DePIN-based social and data network in the SocialFi space, is building the "universal 'community' layer on any website & app," according to its website. IOTA's grant will enable Protico to refine its "Web3 Lobby," a decentralized stage for connecting community spaces and Web3 identities. The platform also integrates solutions that adhere to General Data Protection Regulation (GDPR) standards to ensure the integrity of its infrastructure.

Finally, TokenLabs.Tools Audit is a no-code Web3 platform that empowers users to create and manage ERC-20 (Ethereum Request for Comment 20) tokens "without advanced technical knowledge," according to its tagline. The platform is currently constructing its website, but its X account has been active since April this year, with a majority of its posts centered on IOTA and updates on its project. Its system reportedly offers a "secure, transparent, and user-friendly ecosystem for creating, managing, and auditing tokens." Notably, IOTA also approved a grant to TokenLabs.Network, the developer behind TokenLabs.Tools Audit, during the initial phase of the Grants Program.

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