IOST an enterprise-grade, the ultra-fast decentralized network has launched a 1-million-dollar fund named the ‘Noah Oracle Fund’ intending to boost up the DeFi projects on the IOST blockchain ecosystem. After updating its roadmap on August 7, 2020, for the next half of 2020 that focuses on DeFi, the IOST project is all set to gear up the blossoming DeFi ecosystem.
The main objective of unveiling this million-dollar fund is to foster the rapid growth of the DeFi projects to drive it to the IOST’s mainnet. It also aims to incubate highly robust DeFi development teams to provide comprehensive support to finance, operations, recruitment, and technical support. Creating DeFi value to house robust DeFi dApps is also a crucial part of this project.
Since the beginning of 2019, when IOST started its journey to create a holistic ecosystem for DeFi, it continued to explore new developments into the DeFi space with the help of strategic partnerships and on-chain projects; Noah Oracle Fund is such a part of that development. By collaborating with big market players, IOST aims at cementing its position on to the blockchain.
Driving the DeFi dApps to the IOST mainnet will enable the DeFi projects to enjoy the ‘IOST WorryFree Program’ with full development support on funding and technology. Apart from participating in the IOST WorryFree Support Program, a promising DeFi team can also apply for Noah Oracle Fund.
DeFi project development teams from the domain of oracle systems, decentralized exchanges, lending, cross-chain transactions, financial derivatives, and stable coins can apply for the Noah Oracle Fund to join the IOST mainnet. A comprehensive evaluation will be done quarterly to select the worthiest of the DeFi projects that can be migrated to the IOST mainnet, and subsequent rewards would be issued based on different categories.
As per the evaluation, the Oracle Systems categories are the most appropriate to qualify for the Noah Oracle Fund. Oracle Systems bridge the gap between decentralized protocols and the external blockchain and keeps the DeFi ecosystem operating effectively.
With the establishment of the Noah Oracle Fund, more DeFi projects are being migrated to the IOST mainnet. Currently, the IOST mainnet shows a TPS peak of 8000, offering user-friendly features boosting product efficiency.
IOST mainnet now is capable of giving a tough competition to the already established Ethereum mainnet in terms of low gas fees and low congestion. Therefore, most developers who want to launch DeFi projects prefer the IOST mainnet platform instead of Ethereum mainnet.
As such, IOST is considered one of the big four public blockchain networks alongside Tron, Ethereum, and EOS. With just a one-year-old mainnet, IOST has become one of the leading public chain networks renowned for its numerous government collaborations around the world. It comprises of 500,000 community members and 400+ nodes spread across 20 countries around the globe.