The IOST team has announced a $1 million fund to implement new decentralized finance (DeFi) projects.
💥 💥We are thrilled to announce a 1-million-dollar fund to incubate and foster the growth of emerging DeFi projects on the vibrant IOST blockchain ecosystem. Are you onboard? #IOST #blockchain #crypto #DeFi #DLT #altcoin #DeFionIOSThttps://t.co/CblEv8uymB
— IOST (@IOST_Official) August 10, 2020
The program in question is called Noah Oracle Fund and will provide $1 million to incubate and grow new DeFi projects.
These are the objectives of the project, as described by the IOST team:
- Incubate outstanding and high-potential DeFi development teams around the world with comprehensive support in funding, operation, recruitment, business partners, as well as the technical support and resources.
- Foster the rapid growth of DeFi to drive more innovation, utility and adoption to IOST’s mainnet.
- Create values to DeFi and its users, and become a home of explosive, robust and top-tier DeFi dApps.
- Fast-track the 2020 deliverables on IOST’s H2 2020 Roadmap.
These are not only new initiatives, but also projects that will choose to migrate to the IOST’s blockchain and receive support from the community and developers of this blockchain.
As for the categories, this is the list published by IOST:
- Oracle systems;
- Decentralized exchanges;
- Cross-chain transactions;
- Lending and borrowing;
- Financial derivatives;
The IOST fund, as DeFi is not only Ethereum
There are already several blockchains that are making moves in the decentralized finance sector, and in fact the total value locked within this sector is increasing day by day, exceeding to date the 4.5 billion dollars locked, indicating that the sector is expanding rapidly.
And this sector is not limited to Ethereum. More blockchains, such as for example EOS and TRON, where new projects are already being established considering that Ethereum’s fee costs are proving to be unsustainable.
Finally, note that anyone can send their application to this IOST fund by sending an email to [email protected] with all the specifications of their project.