HOT Labs receives $500,000 grant from TON Foundation to build memcoin platform on TON blockchain

HOT Labs, a leading Chain Signature technology company, announced that it has received a $500,000 grant from the TON Foundation. The funding will be used to develop an innovative platform for running memcoins on the TON (The Open Network) blockchain.

Why HOT Labs?

Omni technology by HOT Protocol

The company specializes in developing decentralized applications and solutions that facilitate mass adoption of cryptocurrencies. Its flagship products are HOT Omni Token and HOT Wallet, which is used by more than 30 million users worldwide. HOT Omni Token will provide new tools for meme creators and traders. It is a technology that can be used to make gas-free transactions and swaps on the NEAR network while holding the underlying asset as collateral on the TON, Base or BSC network. Thanks to this it is possible to distribute small amounts in token to your community and to scout mass-marketing companies and build large strong communities.

The HOT Team

HOT Labs’ success is largely due to the professionalism of its team, which is considered one of the strongest in crypto development and research. The main person of the HOT Labs team is the founder Peter Volnov and head of Ecosystem — Yuriy Olentyr.

Peter educated computer science from ITMO University and a business degree in Los Angeles. Before HOT Labs, he founded HERE Wallet and FORA Vision. HERE Wallet now has over 650k users and is the leading wallet on the NEAR blockchain, FORA — AI workout coach was sold in 2022 and continues to operate in the CIS market. He has deep expertise in blockchain, sharded smart contracts and is actively promoting the Chain Signature narrative. Recently, in an interview with NEAR Protocol’s funder, Illia Polosukhin, Peter shared about his plans to create HOT Omni Chain — a Chain Abstraction DeFi layer with gas-free transactions. The partnership with TON is one step toward that.

Yuriy Olentyr — ex founder of HAPI, an onchain scoring protocol and information security company ITX Security Systems. In the TON Pump, he will be involved in building relationships with key partners and building thr HOT ecosystem on TON.

”Mem-advice” program

Inside HOT Wallet, we already see many successful tokens launched such as HOT BOXY (Market Cap $500M+), NikolAI (Market Cap $200M+), USMEME, UWON, DobleDog and others. HOT Wallet has a wealth of experience working with token teams, and tools who help build strong community around projects. This includes expertise and connections that allow teams to avoid many mistakes, social grow functions, and other competencies that early-stage teams often need. The experience of the HOT team will allow many projects in TON Ecosystem to develop and grow, building a strong community of traders and influencers.

Conclusion

The $500,000 grant from the TON Foundation confirms the appreciation of HOT Labs and its contribution to the development of blockchain technology. The new TON-based memcoin launch platform using Omni technology promises to be a significant step in promoting cryptocurrencies and attracting a wide audience to innovative financial instruments. Source.