TON Foundation Grant HOT Labs $500K to Advance Meme Coin Management Tools

HOT Labs Receives TON Foundation Grant for Chain Signature-Based Innovations

Blockchain company HOT Labs has received a $500K grant from the TON Foundation, which is in charge of The Open Network’s (TON) development. A framework for distributing and managing meme coins on TON will be developed with the help of the funding. Founded by Petr Volnov and Yuriy Olentyr, HOT Labs is a research team developing several technologies centered around Chain Signature. Peter recently discussed his aspirations to build HOT Omni Chain, a Chain Abstraction DeFi layer with gas-free transactions, in an interview with Illia Polosukhin, the backer of NEAR Protocol.

$500K TON Grant Fuels Memecoin Innovation and Community Growth

With Peter’s experience, TON’s DeFi ecosystem will expand considerably. With the help of the TON Foundation’s $500K grant, HOT Labs will develop a platform that will facilitate the introduction of meme coins and their distribution to the expanding TON community.

Funds were distributed via the TON Memecoin Working Group, a group of independent contributors with the TON Foundation’s backing that aims to accelerate the memecoin narrative within the TON ecosystem. To establish TON as a premier cryptocurrency memecoin center, major objectives include raising the volume of memecoin trading, expanding the number of DEX traders, and expanding the number of meme coins debuted.

Gas-Free Transactions: HOT Labs Revolutionizes Meme Coins on TON

One of the first groups of grantees to receive support from the TON Foundation is HOT Labs. After receiving $500,000 in funding for each project, grantees must set KPIs, provide reports outlining project progress every two weeks, and give regular updates. By spearheading and assisting with marketing and business development initiatives, the TON Memecoin Working Group will assist grantees, including HOT Labs.

HOT Wallet’s Omni technology will be used in the memecoin platform that HOT Labs plans to create. In order to facilitate gas-free transactions, HOT Omni Token offers traders and meme creators strong capabilities. This enables the distribution of tokens in modest quantities to blockchain networks in an effort to increase awareness and hasten acceptance. The same technology will be used to create HOT Labs’ TON platform, which will increase the chances of project success by enabling coin creators to promote to pre-made audiences.

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