Blockchain developer HOT Labs has received a $500K grant from the TON Foundation, which is in charge of The Open Network’s (TON) development. A platform for deploying and managing memecoins 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 a number of technologies centered on Chain Signature. Peter recently discussed his aspirations to develop HOT Omni Chain, a Chain Abstraction DeFi layer with gas-free transactions, in a conversation with Illia Polosukhin, the backer of NEAR Protocol.
Petr established HERE Wallet and FORA Vision before HOT Labs. The FORA-AI fitness coach was sold in 2022 and is still in business in the CIS market, while HERE Wallet is now the most popular wallet on the NEAR blockchain with over 650k users. Peter’s experience will greatly expand TON’s DeFi ecosystem. The $500K grant from the TON Foundation will help HOT Labs develop a platform that will facilitate the launch of memecoins by TON creators and their delivery to the expanding TON community.
With the assistance of the TON Foundation, funds were awarded via the TON Memecoin Working Group, a group of independent contributors dedicated to advancing the memecoin narrative inside the TON ecosystem. To establish TON as a premier cryptocurrency memecoin hub, the main objectives are to increase the volume of memecoin trading, the number of DEX traders, and the number of memecoins introduced.
HOT Labs is one of the first grantees to receive funding from the TON Foundation. Grantees are required to establish KPIs, provide biweekly reports outlining project progress, and give frequent project updates after receiving a $500,000 reward for each project. The TON Memecoin Working Group will oversee and facilitate marketing and commercial development initiatives for 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 adoption. 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 ready-made audiences.
A set of potent tools for companies releasing tokens on the Open Network will be made available by HOT Labs’ creation of a custom memecoin platform for TON. Together with a smooth user interface, they will let anybody to create and deploy a unique token that millions of retail users on TON may access.
The blockchain development and research team at HOT Labs has extensive expertise. Products created by founders Peter Volnov and Yuriy Olentyr for NEAR and TON have drawn millions of users. The two founders of HOT Labs want to expand on their work with HOT Wallet and HAPI by developing blockchain solutions that facilitate web3 access across the multichain ecosystem.
