1inch Foundation, the non-profit entity behind the 1inch decentralized exchange(DEX) aggregator has set aside $3 million for developers under its grants program. The fund will be distributed to individuals and teams contributing to the expansion of the 1inch ecosystem and the decentralized finance(DeFi) industry at large.
1inch Foundation Announces $3 Million Grants Program for Developers
In the next 12 months, the 1inch foundation will disperse grants for projects dealing with three major categories: network development, community development, and research and analytics.
The network development category is focused on upgrades that increase the usage of 1inch products and boost the development of solutions beneficial for the network. The projects eligible for this category include AMMs, wallets, integrations involving the 1inch API, interoperability solutions, such as Layer 2 protocols or bridges, aggregation products, and security solutions.
In the community development category, 1inch is looking to fund education, events, and social media campaigns that strengthen its network.
For the research and analytics category, 1inch will consider projects that are centered on data analytics and innovative research.
The foundation is specifically inviting applications from DeFi projects that are fairly new to the market. These projects must have no prior record of fundraising or initial coin offering(ICO). Following the submission of an application, selected participants will have to appear for an interview to determine the potential grant offer. Successful projects will hear from the foundation within 10 days, after which they will start an onboarding process to get access to necessary resources.
The program has already registered its first grant of 100,000 INCH tokens to decentralized storage and hosting platform DeNet. The company’s solutions have been offering an alternative to Google, Apple, Amazon, and other major players in the segment for more than three years.
1inch Network’s Emergence in the DeFi Space
Launched in April, the 1inch network has become one of the top DeFi aggregators over time. Even before its official launch, the project drew a great deal of interest from crypto watchers. To date, the 1inch network has processed millions in trade volume and is currently placed in a prime position to make the best of a DeFi boom.
1inch has also been expanding its footprint in the market through various approaches. The network introduced its mobile application on the iOS app market in April. It has also increased its liquidity sources to give users more swapping options. And not long ago, the network partnered with ICHI to issue a stablecoin pegged to the US dollar.