IOTA Grants Update: $2.74M Awarded to 25 Projects in DeFi, NFT, and SocialFi

• The IOTA Grants Program has announced funding for 26 out of 99 applications, totaling $2,744,000, to support various DeFi projects, including lending, NFT marketplaces, SocialFi, and tooling.
• Take a look at the exciting news about the five projects below that have been beneficiaries of the IOTA Grants program.

The IOTA Ecosystem DLT Foundation’s Grants Program continues to support innovation in the digital asset space. To better inform the community, the Foundation will now provide updates more frequently.

In the latest round of IOTA Grants, 26 out of 99 applications have been awarded funding, totaling $2,744,000. The funded projects span various DeFi categories, including lending, NFT marketplaces, SocialFi, and tooling, per the Crypto News Flash report.

[IOTAQuicktakes] Catch up on our latest news:
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Below are the five IOTA ecosystem projects that would benefit from the IOTA Grants Program.

1. ioLend

ioLend is a pioneering Decentralized Finance (DeFi) platform dedicated to optimizing lending and liquidity. By aggregating yield opportunities across the network, ioLend enables users to maximize returns through various strategies. The platform features yield-bearing collaterals and advanced risk management methodologies, supporting diverse assets and integrating with Liquidity Pool markets to enhance Total Value Locked within the IOTA ecosystem.

2. Eco Forge Chronicles

Eco Forge Chronicles is an open-source trade-to-earn marketplace that boosts Web3 engagement using Eco-Bound Tokens (EBTs) and redeemable NFTs. The platform promotes ecosystem sustainability and user engagement by enabling projects to offer rewards that bind users to their ecosystems without depleting resources. It supports common NFT standards and allows for redeeming NFTs for digital goods, serving as a versatile and customizable marketplace template for ecosystem growth.

3. Protico

Protico is a DePIN-based social x data network that fosters social impact and profitability for users and brands. It introduces the “Web3 Lobby,” a universal community layer enabling brands to create native community spaces and connect with Web3 identities in a decentralized manner. Protico’s infrastructure is linked to a decentralized data storage network, ensuring GDPR-compliant user data.

4. Peppy

Peppy Finance aims to develop a “degen-themed” SYMMIO-integrated frontend tailored to retail users. Unlike the current SYMMIO frontends designed for professional traders, Peppy will offer a seamless and engaging experience by leveraging iGaming and online gaming design principles. This new UI aims to simplify the trading process, attract and retain retail users, and enhance their interaction with SYMMIO’s perpetual exchange infrastructure.

5. TokenLabs.Tools

TokenLabs.network is a no-code Web3 platform designed to democratize the creation and management of ERC20 tokens. It offers a secure, transparent, and user-friendly ecosystem for creating, managing, and auditing tokens without advanced technical knowledge. This new grant will ensure its platform adheres to security standards, building on a previous grant that supported its development.

The IOTA Foundation has been occasionally conducting its Grants program while encouraging several projects in the cryptosphere that have the potential to grow big in the future. As per the Crypto News Flash report, IOTA 2.0 has unveiled a thrilling new project in development.

As of press time, the IOTA price is down 0.88% trading at $0.17. The cryptocurrency price is down by 4.32% over the past week amid broader market consolidation.