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The Algorand Foundation has announced a $300 million fund to accelerate the DeFi ecosystem.
Algorand unveils DeFi Fund
The Algorand Foundation, the group behind the Layer 1 Algorand blockchain, has launched a $300 million DeFi fund called Viridis, announced today.
The Algorand Foundation has committed 150 million ALGO tokens, valued at approximately $300 million, to fund the development of a decentralized finance system on its network.
Founded by computer scientist Silvio Micali, Algorand is a scalable proof-of-stake blockchain. Achieves block times of about four seconds.
As part of Viridis, the foundation announced “SupaGrants”, which will each receive $5 million. The initial grants are aimed at creating an Oracle network and a bridge network. Oracles and Bridges are a critical infrastructure for DeFi.
Algorand has entered the ongoing race among many first-tier blockchains to acquire DeFi users. Other projects like Fantom and Harmony have also recently come up with big money for the ecosystem to attract DeFi developers into their networks, while Ethereum currently has the largest crypto DeFi network.
Algorand already hosts several DeFi projects, including IDEX, Hummingbot, Yieldly, Opulous, and Securitize. However, the amount of fluidity and activity in the ecosystem is low compared to many other first layer layers. By adding key pieces of infrastructure like the bridge and oracle, Algorand hopes to lay the foundations for a thriving ecosystem.
A war fund of over $300 million is likely to attract development teams to build dApps and fuel the early growth of the DeFi ecosystem. The network also boasts a number of high-profile partnerships. On August 31, Latin American financial infrastructure company Koibanx signed an agreement with the government of El Salvador to build on the blockchain.
Algorand has enjoyed a slight uptick in the market in recent weeks. ALGO stock is up more than 120% in the past month, and is currently trading at $1.88. It peaked at $2.41 on Thursday after a steady rally.
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