Staying true to its recently unveiled roadmap for H2 2020, enterprise-grade, decentralized blockchain platform IOST (IOST) has unveiled the “Noah Oracle Fund” – a $1 million fund that aims to bootstrap the development and growth of DeFi projects within the rapidly expanding IOST ecosystem.
IOST Unveil 1 Million Dollar Grant to Foster DeFi Projects
Merely weeks after releasing its DeFi-focused roadmap for H2 2020, high-throughput distributed ledger technology (DLT) platform IOST has now unveiled the $1 million worth “Noah Oracle Fund” for the incubation of DeFi projects building their infrastructure on the IOST blockchain.
The Noah Oracle Fund will be utilized toward incubating “outstanding and high-potential DeFi development teams around the world with comprehensive support,” the announcement reads.
This support would be in the form of funding, operations management, recruitment, business partners, technical support, and other resources.
The fund will also be used to develop DeFi projects to enable greater innovation, utility, and adoption for the IOST mainnet. The focus will be on those DeFi projects that create actual value for its users by providing robust decentralized applications (dApps) with actual meaningful use-cases.
Further, the fund will also work toward fast-tracking IOST’s 2020 deliverables as outlined in its H2 2020 Roadmap.
In addition, there’s an extra incentive for promising DeFi projects already developing or considering moving to the IOST mainnet as they would stand to enjoy the benefits of the IOST WorryFree Program with end-to-end development support in terms of funding, technology, and more.
As IOST continues to onboard an increasing number of leading DeFi projects on its platform, more partnerships and announcements would be revealed in the near future.
DeFi Means IOST
According to the announcement, IOST is looking at the following categories of DeFi project developers and development teams to join or migrate to the IOST mainnet.
To ensure that projects continue to deliver to all stakeholders, IOST will ensure a comprehensive periodical (quarterly) evaluation of all its Ecosystem DeFi projects. This evaluation will help IOST determine the subsequent corresponding ratings and rewards issuance according to the respective project’s category.
Notably, among the six aforementioned categories, Oracle DeFi projects are the most important ones for the Noah Oracle Fund.
The increasing popularity of Oracle protocols shows their significant role in bridging the gap between blockchain-based decentralized protocols and the external dynamic data required for their proper functioning. In a nutshell, Oracles are an indispensable part of the booming DeFi space.
It’s worthy of note that rewards from the Fund will be distributed within 20 working days after the last day of each quarter.
To learn more about IOST’s preparations toward leading the DeFi space, check out our recent article on the same.