1inch Foundation launches $3M scholarships program for DeFi designers

1inch Foundation, the non-profit firm of the 1inch decentralized swap aggregator, has earmarked $3 million to fund new process upgrades as part of a grants or loans program targeting developers. On the next 12 months, 1inch Basis will disburse grants meant for projects in the following classes: network development, community growth and research and analytics. The network development group targets aggregation products, automatic market makers, wallets, layer-2 protocols and integrations relating to the 1inch API. For neighborhood development, eligible projects consist of educational materials, local meetups and hackathons. In the study and analytics category, 1inch Foundation is looking to account projects around data analytics and research. Projects which have recently started in decentralized financial, or DeFi, and have simply no prior funding history qualify to apply, 1inch Foundation stated. After submitting an application, entitled applicants will be invited to have an interview to determine grant possible. Winners will receive a official grant offer and begin the particular onboarding process. Related: 1inch Foundation upgrades governance framework1inch Foundation also announced that they have awarded its first give of 100, 000 1INCH tokens to DeNet, the decentralized storage and web hosting platform. “DeNet’s concept is founded on utilizing unused disk area on personal computers for keeping and hosting dApps, inch the Foundation explained. The 1inch Network officially launched within April of this year, although the project has been on crypto watchers’ radar for considerably longer, having burst onto the particular scene during an ETHGlobal New York hackathon in May 2019. As Cointelegraph reported, 1inch launched its mobile software on Apple iOS within April. More recently, the process revealed a new stablecoin chosen to the U. S. money.