- The IOTA’s Tangle Community Treasury has disclosed some of its strategic operations in the third quarter of the year.
- According to the report, the team is currently focusing on two or four solid Tier II proposals.
Tangle Community Treasury is one of the fastest-rising projects of IOTA. Its Shimmer token (SMR) is reported to be trading at a lower price. As of the time of writing, the total treasury was around $824,043 USDT at the current price. According to the Tangle Community Treasury, there is an estimated 99,126 USDT in running costs to cover operations after a financial projection. Operations can be covered by the end of 2024. For now, there are outstanding payouts for grant receivers.
Further, we have outstanding payouts for approved grant receivers of $322,855. To date, we have approved a total of $517,017 and paid out $194,162. We have also earmarked $300,000 to support liquidity pools when Shimmer EVM has a proper bridge.
This implies that 100,000 USDT is left for grant funding this quarter. While SMR was trading at $0.045 yesterday, the amount for grant funding was $200,000. According to the report, the strategies for this quarter’s funding were discussed. Two options were considered – “either several Tier I’s or a couple of good Tier II’s.” Upon conclusion, it was decided that the team focus on two or four solid Tier II proposals. When this happens, the rest of the quarter will not be used to review any Tier 1 proposal. In this case, there would be less review costs this quarter to manage operating expenses.
More on the Tangle Community Treasury Report
According to the report, a recent grant submitted by Fluent DAO has been approved.
We also approved a recent grant submitted to us from @FluentDAO Fluent is pioneering deposit token infrastructure to streamline International Trade Finance and Aid Delivery. This grant will bring a native stable token to the Shimmer network.
It is also important to note that Fluent has been recognized on Zawya.com.
Fluent’s engineering and business development efforts are grounded in a common belief that decentralized mechanics enable fairer, open systems – whether in on-chain environments, traditional environments, or across both.
The CEO of AllgoodFuturist has stated in an Op-Ed that employing Central Bank Digital Currency (CBDC) to undercut, circumvent, or cannibalize the commercial banking sector is a recipe for failure.
HE Al Zeyoudi has stated that he is very optimistic about the chances of Fluent Economic Bridge and the potential for digital currencies to improve the efficiency and accessibility of the global supply chain.
According to the Tangle Community Treasury, they are looking at the possibility of Fluent.Finance modernizing the digital financial system and ensuring that the efficiency and accessibility of the global supply chain are improved.
As of press time, shimmer (SMR) was trading at $0.04304 after falling by 6.4 percent in the last seven days. In the last 24 hours, the asset has surged by 1.6 percent. IOTA on the other hand has also declined by 5 percent in the last seven days and made a 3 percent surge in the last 24 hours to trade at $0.148291. IOTA has a 24-hour trading volume of $4,759,109 and a market cap of $407,214,316.
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