The Open Network (TON) Foundation has awarded a $500,000 grant to HOT Labs, a blockchain innovator, with the aim of revolutionizing the gas-free memecoin ecosystem. The TON Foundation plays a crucial role in the development of The Open Network (TON), while HOT Labs serves as a hub for innovative blockchain developers. The grant provided by the TON Foundation will fund the creation of a groundbreaking platform for deploying and operating meme coins, marking a significant advancement for TON’s ecosystem and its growing community of crypto enthusiasts.
HOT Labs, founded by blockchain veterans Petr Volnov and Yuriy Olentyr, is a research-driven organization dedicated to advancing Web3 technologies. The team is renowned for developing products such as HOT Wallet and HOT Omni Chain, as well as specializing in creating innovative tools for seamless and gas-free transactions. This expertise is central to their plan for the TON memecoin platform. The new platform will utilize HOT Omni technology to enable easy distribution of tokens, empowering creators to effectively market to blockchain communities.
Volnov, a notable figure in the blockchain sphere, has previously launched projects like HERE Wallet, a leading NEAR blockchain wallet with over 650K users. He also introduced AI-driven workout tools through FORA Vision. His technical insight is expected to significantly enhance the TON ecosystem, fostering adoption and innovation in the DeFi and memecoin sectors.
The TON Foundation’s vision for the memecoin market is supported through the TON Memecoin Working Group, which awarded the grant to HOT Labs. This collective group is focused on advancing the memecoin narrative within TON’s ecosystem. By supporting projects like HOT Labs, the foundation aims to increase meme coin trading volume and grow the number of decentralized exchange (DEX) traders, solidifying TON as a leading hub for crypto meme coins.
As one of the first recipients of the $500K grant, HOT Labs will provide regular updates and bi-weekly reports to ensure measurable progress. The TON Foundation’s support also includes marketing and business development resources, equipping HOT Labs with the necessary tools for success.
HOT Labs combines a seamless user interface with accessible token creation tools, aiming to democratize token deployment for millions of users on TON. This initiative represents a bold step toward positioning TON as a central player in the blockchain and Web3 landscape.