$2.74 million awarded to 26 DeFi projects

• The IOTA Grants Program announced funding for 26 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 benefited from the IOTA Grants Program.

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

In the latest round of IOTA grants, 26 out of 99 applications received funding, totaling $2,744,000. The funded projects span a variety of DeFi categories, including lending, NFT marketplaces, SocialFi, and tools, according to Crypto News Flash report.

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Below are the five projects in the IOTA ecosystem 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 yields through various strategies. The platform offers yield-generating collateral and advanced risk management methodologies, supporting various assets and integrating with liquidity pool markets to enhance the total value locked within the IOTA ecosystem.

2. Eco Forge Chronicles

Eco Forge Chronicles is an open-source, trade-to-win marketplace that powers Web3 engagement using Eco-Bound Tokens (EBTs) and tradable NFTs. The platform fosters ecosystem sustainability and user engagement by allowing projects to offer rewards that bind users to their ecosystems without depleting resources. It supports common NFT standards and allows NFTs to be traded for digital assets, serving as a versatile and customizable marketplace model for ecosystem growth.

3. Protico

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

4. Dynamics

Peppy Finance aims to develop a SYMMIO-themed user interface that is integrated with “degenerate” and tailored to retail users. Unlike current SYMMIO interfaces designed for professional traders, Peppy will provide a seamless and engaging experience by leveraging online and iGaming design principles. This new user interface aims to simplify the trading process, attract and retain retail users, and improve their interaction with SYMMIO’s perpetual swap 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 that its platform adheres to security standards, building on a previous grant that supported its development.

The IOTA Foundation has been running its grant program occasionally while encouraging several projects in the cryptosphere that have the potential to grow in the future. According to the Crypto News Flash reportIOTA 2.0 has unveiled an exciting new project under development.

At press time, IOTA price is down 0.88% and trading at $0.17. The cryptocurrency’s price has declined 4.32% over the past week amid broader market consolidation.

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