IOTA

<h2 id="header-0">172M IOTA for Ecosystem Liquidity</h2><p><strong>TL;DR:</strong>The IOTA community has voted for a massive liquidity bootstrapping program to kickstart the recently launched IOTA EVM ecosystem. 172 million IOTA tokens will flow into different dApps to create deeper liquidity and an outstanding DeFi experience. At the time of writing, the deployed capital brings in around 27.5 million USD in fresh liquidity for the IOTA EVM protocol, enabling and fostering ecosystem growth.</p><p>We are happy to announce that the <a href="https://govern.iota.org/t/igp-0005-a-proposal-for-supercharging-the-expansion-of-iota-evm-growth/1756" rel="noopener noreferrer nofollow">recent governance proposal</a> to “Supercharge the Expansion of IOTA EVM Growth” by allocating IOTA tokens as liquidity to the ecosystem has received a large majority of positive votes. IOTA token holders have voted in favor of the liquidity bootstrapping program, which will commence in the next few days. Scroll to the end of this blog post for a full breakdown of the vote results.</p><p>Looking at the exciting times ahead, the Growth Program members are eager to allocate the available funds strategically. This will not only enhance the experience and opportunities of current users but also attract new participants by significantly boosting the quality of our ecosystem.</p><p>Following the community’s decision, up to 172 million IOTA tokens (currently worth 27.5 million USD) can be allocated to elevate the DeFi experience on IOTA EVM.</p><h3 id="the-liquidity-bootstrapping-program">The Liquidity Bootstrapping Program</h3><p>As outlined in the proposal, the IOTA EVM Growth Program, consisting of three members of the<a href="https://tangle-association.ch/" rel="noopener noreferrer nofollow"> </a>IOTA Ecosystem Department and two members of the IOTA community, will set up a Safe multi-signature wallet on IOTA EVM to receive the funds from the “<a href="https://explorer.iota.org/mainnet/addr/iota1qzae4clf9lfsyrvvlemve92d5nda9vs088rswljtgyy5zr50zfs9wqlw0kr" rel="noopener noreferrer nofollow">unclaimed token pool</a>.”</p><p>The liquidity bootstrapping project&#39;s initial time frame is two years.The Growth Program will strategically allocate funds to a variety of DeFi applications to enable growth in multiple areas, such as Total Value Locked (TVL), trading activity, price stability, and liquidity. These liquidity injections will spotlight IOTA EVM and drive demand by creating new opportunities for DeFi participants.</p><p>The IOTA EVM Growth Program Team will ensure that allocation decisions improve liquidity and user experience across a wide range of applications, emphasizing asset security, fair chances in the ecosystem, and the effectiveness of the measures. The goal is to unlock growth opportunities and expand the utility and user base of the supported projects by strategically depositing funds into their smart contracts.</p><h3 id="ensuring-security-and-fairness">Ensuring Security and Fairness</h3><p>Again, it is important to emphasize that the MultiSig holders control all funds and can withdraw them from the applications anytime. The Growth Program does not donate funds to projects or sell them; the funds are provided to the application’s smart contract, and the respective Liquidity Provider tokens are held in the MultiSig.</p><p>The Growth Program will operate completely transparently, as every action is visible and trackable on-chain using the block explorer. Additionally, a bot has been set up to forward every action of the MultiSig wallet to the IOTA Discord. Monthly reports will be provided to summarize the program&#39;s activities for the community.</p><p>Extending the program via a governance vote by the IOTA token holders will be possible in two years.</p><h3 id="official-vote-results">Official Vote Results</h3><p>Running from July 12 through July 28, the governance vote asked “Do you support the proposal <a href="https://govern.iota.org/t/igp-0005-a-proposal-for-supercharging-the-expansion-of-iota-evm-growth/1756" rel="noopener noreferrer nofollow">[IGP - 0005]</a> A Proposal to Supercharge the Expansion of IOTA EVM Growth?”</p><ul><li>Answer “Yes. I support this proposal” received 22,887,179,400,220,656 votes (98.72%)</li><li>Answer “No, I do not support this proposal” received 286,855,332,145,382 votes (1.24%)</li><li>Answer “Abstain&#34; received 9,283,912,686,896 votes (0.04%)</li></ul><p>Participation in the vote was 5.73%. The results have been verified by the node operators in this <a href="https://github.com/iota-community/governance-participation-events/pull/13" rel="noopener noreferrer nofollow">GitHub pull request</a>.</p><p>Follow us on our official channels for the latest updates: <a href="https://discord.iota.org/" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://twitter.com/iota" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://www.linkedin.com/company/iotafoundation/" rel="noopener noreferrer nofollow">LinkedIn</a> | <a href="https://www.instagram.com/iotafoundation/" rel="noopener noreferrer nofollow">Instagram</a> | <a href="https://www.youtube.com/c/iotafoundation" rel="noopener noreferrer nofollow">YouTube</a> | <a href="https://coinmarketcap.com/currencies/iota/" rel="noopener noreferrer nofollow">CoinMarketCap</a></p>

IOTA Community Funds EVM Growth

Table of Contents

IOTA

Other articles published on Aug 1, 2024

BlackRock battles Bitwise as new Ethereum ETFs struggle to gain traction

Pawfury (PAW) Achieves Over $4.8 Million in Presale Token Sales (31 Jul)

SEC charges Bitclout aka DeSo’s Al-Naji with $257M securities fraud

Solana (SOL) Signals Point To Price Surge, JasmyCoin (JASMY) And Rollblock (RBLK) End Week With H...

Investigating Cryptocurrency Investment Trends: Analyzing Clandeno (CLD), ARB, and Litecoin (LTC)

Trump Backs Bitcoin for Strategic Reasons

Join our free newsletter for daily crypto updates!