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The foundation behind the popular blockchain project – Algorand – has launched a new initiative aimed at promoting developments in the DeFi sector. Called the Viridis DeFi Program, it will be a $300 million fund to support innovation on the Algorand Network.
- In a statement dated September 10, the Algorand Foundation announced the launch of its latest product called the Viridis DeFi Program.
- In it, the organization allocated 150 million of the original cryptocurrency – ALGO – which today has a price of almost 300 million dollars.
- The general idea is to support the innovation of DeFi protocols using the Algorand blockchain. More specifically, it will focus on decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms.
- A third of this amount, re-allocated from the AlgoGrant Fund, will be devoted to promoting the development of DeFi infrastructure and applications (dApps).
- Smaller parts called “SupaGrants” will support cross-chain bridges and oracles of price. The first such funding will go to protocols aimed at creating two-way bridges from Ethereum and other chains.
- The remaining 100 million ALGO is earmarked to provide liquidity incentives to the Algorand DeFi ecosystem.
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“The Algorand Foundation is excited to launch this funding program to help accelerate DeFi adoption across the Algorand ecosystem. Creating the right infrastructure, application ecosystem, and liquidity will be key to ensuring DeFi on Algorand is considered the most energy-efficient, scalable, and low-cost DeFi ecosystem.” – said the CEO of the organization – Shawn Lee.
- It is worth noting that ALGO has been among the best performers in the crypto space recently. Less than two months ago, it was trading at $0.65 when he started his impressive run.
- Although it fell below $1 again during the market crash on Tuesday, ALGO rose to $2.50 earlier today. This 285% increase since mid-July has sent the cryptocurrency to a two-year high.
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