HOT Labs Receives $500,000 Grant From TON Foundation To Develop TON Memecoin Platform
In Brief
The TON Foundation has awarded $500,000 to HOT Labs to support the development of a platform for launching and managing memecoins within the TON ecosystem, with the goal of simplifying access and boosting adoption.
An organization dedicated to advancing The Open Network (TON), the TON Foundation, has granted $500,000 to HOT Labs, a blockchain development team. This funding will support the creation of a platform for launching and managing memecoins within the TON ecosystem aimed at simplifying access and increasing adoption.
HOT Labs, founded by Petr Volnov and Yuriy Olentyr, focuses on developing blockchain products such as Chain Signature. In a recent discussion with Illia Polosukhin, founder of NEAR Protocol, Petr shared plans to develop HOT Omni Chain, a decentralized finance (DeFi) layer featuring gas-free transactions. Previously, Petr launched HERE Wallet, the leading wallet on the NEAR blockchain with over 650,000 users, and FORA, an AI-driven workout coach, which was sold in 2022 and remains active in the CIS market. With this extensive background, Petr and the HOT Labs team are positioned to significantly enhance the DeFi ecosystem within TON.
The grant, distributed through the TON Memecoin Working Group—an independent contributor network backed by the TON Foundation—is part of a broader initiative to accelerate memecoin activity on TON. Key objectives include increasing memecoin trading volume, boosting the number of decentralized exchange (DEX) traders, and expanding the memecoin ecosystem to establish TON as a leading platform for these assets.
HOT Labs is among the first recipients of TON Foundation’s funding initiative. Grant recipients, including HOT Labs, are tasked with meeting specific key performance indicators (KPIs), submitting bi-weekly progress reports, and sharing regular project updates. The TON Memecoin Working Group will also support recipients by offering guidance on marketing and business development.
What Is HOT Labs And Its Memecoin Platform?
HOT Labs’ planned memecoin platform will integrate Omni technology, which was initially developed for the HOT Wallet. The HOT Omni Token facilitates gas-free transactions and enables the distribution of tokens to blockchain communities in small quantities, which can help build awareness and encourage adoption. This same technology will underpin HOT Labs’ TON platform, allowing memecoin creators to connect with pre-existing audiences and enhance their chances of success.
By combining advanced tools with an intuitive user interface, HOT Labs aims to empower anyone to create and deploy custom tokens accessible to millions of users on TON. This initiative is expected to lower barriers to entry and provide creators with a streamlined process for launching and promoting tokens.
As an experienced blockchain development team, HOT Labs leverages the expertise of its founders, who have previously delivered impactful solutions for NEAR and TON, attracting millions of users. Through this project, HOT Labs seeks to extend its work with HOT Wallet and HAPI to create accessible blockchain tools for the broader multichain ecosystem, advancing Web3 adoption.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
