Home Blockchain IOST with 1 million USD grants for DeFis that launch on or Migrate to its Blockchain

IOST with 1 million USD grants for DeFis that launch on or Migrate to its Blockchain

iost blockchain defi

IOST, on the 10th of August, announced its plan to plant a garden of flowers of a million scent to attract bees of innovative DeFi D’apps. According to its release, there will be a Million dollar grant to groom the growths of DeFis on its blockchain. The grant is surnamed, Noah Oracle Fund. The idea is pivoted at growing high potential DeFi Dapps thus increasing the rate of adoption and utility of IOST Blockchain. 

Eligibility 

The Defi species that are eligible for the funding are Oracle systems, Decentralized exchanges, Cross-chain transactions, Lending, Financial derivatives, and Stable coins with a particular focus on Oracle systems. This is because oracles are essential parts of smart contracts that connect them to off-chain data sources thus enabling the smooth operations of DeFis. 

Why IOST

IOST blockchain is set to provide a loving welcome of supports via its IOST Worryfree program to existing projects that are ready to migrate their applications. Since it processes transactions faster than first and second-generation blockchains via its Proof of Believability (PoB) consensus and scaled through Distributed Sharding, it remains a wise option for DeFis that have found a home on Ethereum. 

Because the fees on Ethereum blockchain has recently skyrocketed due to congestion because of the increasing number of Defis and other D’app that are resident on it, the true beauty of Defis is shaded in the cloud of its weaknesses. IOST promises to be a home to these smart contracts so that their true beauty can be delivered under a spotlight and benefit the people of the Blockchain. 

Frequent Checks

According to the release, IOST will continually evaluate DeFis on its blockchain on a quarterly basis to keep the bars reasonably high to ensure quality, and distribute rewards:

“A comprehensive evaluation of all IOST Ecosystem DeFi projects shall be conducted on a quarterly basis for subsequent corresponding ratings and rewards issuance according to the projects’ category.”

The applications are already open on 10th of August for innovative Defis and their teams. 

Cryptocurrency celebrates DeFis over Centralized Banking 

The Cryptocurrency ecosystem continues to celebrate its great advantages over the centralized banking system with a knockout of the current trend- Decentralized Finance (DeFi). This is because DeFis provides advantages and profits beyond what banks could do while allowing users to take total control over their finance. IOST is providing support to aide more movements in this direction to help publicize blockchain technology and also showcase the potential of its blockchain. 

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Ayobami Abiola

I am Ayobami Abiola from Nigeria. I am a Cryptocurrency enthusiast who like to write about creative and great innovations- The wonders of the blockchain technology.

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