HOT Labs Awarded $500K Grant From TON Foundation to Create TON Memecoin Platform
San Francisco, USA, November 25th, 2024, Chainwire
TON Foundation, the organization overseeing development of The Open Network (TON), has awarded a $500K grant to blockchain developer HOT Labs. Funding will be used to create a platform for deploying and operating memecoins on TON.
HOT Labs is a research team building several products around Chain Signature, founded by Petr Volnov and Yuriy Olentyr. Recently, in an interview with NEAR Protocol’s funder, Illia Polosukhin, Peter shared about his plans to create HOT Omni Chain - a Chain Abstraction DeFi layer with gas-free transactions. Before HOT Labs, Petr founded HERE Wallet and FORA Vision. HERE Wallet now has over 650k users and is the leading wallet on the NEAR blockchain, FORA - AI workout coach was sold in 2022 and continues to operate in the CIS market. Peter’s expertise will help grow the DeFi ecosystem at TON significantly. With the aid of the $500K grant provided by TON Foundation, HOT Labs will create a platform that will make it easier for TON creators to launch memecoins and to deliver them to TON’s growing community.
Funds were awarded through the TON Memecoin Working Group, an association of independent contributors focused on accelerating the memecoin narrative within the TON ecosystem with the support of TON Foundation. Core goals include increasing memecoin trading volume, growing the number of DEX traders, and growing the number of memecoins launched, to make TON a leading crypto memecoin hub.
HOT Labs is among the first cohort of grantees to have been awarded funding by TON Foundation. Following the award of $500,000 per project, grantees are expected to set KPIs, present bi-weekly reports detailing project progress, and provide regular project updates. The TON Memecoin Working Group will support grant recipients including HOT Labs by leading and facilitating marketing and business development efforts.
The memecoin platform HOT Labs intends to develop will utilize the Omni technology developed by HOT Wallet. HOT Omni Token provides powerful htools for meme creators and traders, enabling gas-free transactions. This makes it possible to distribute small amounts of tokens to blockchain communities to raise awareness and accelerate adoption. The same technology will be harnessed in the development of HOT Labs’ TON platform that will allow coin creators to market to ready-made audiences and maximize the prospects of project success.
HOT Labs’ development of a purpose-built memecoin platform for TON will provide a suite of powerful tools for projects launching tokens on the The Open Network. These will be combined with seamless UI that will enable anyone to become a creator and deploy a custom token that can be accessed by millions of retail users on TON.
About HOT Labs
HOT Labs is an experienced blockchain development and research team. Founders Peter Volnov and Yuriy Olentyr have developed products for NEAR and TON that have attracted millions of users. As HOT Labs, the two founders aim to build upon their work with HOT Wallet and HAPI to create blockchain solutions that make web3 easier to access across the entire multichain ecosystem.