Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation

2021-9-12 17:00

Algorand Foundation, an organization dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, today announced the Viridis DeFi Program, a 150 million Algo (worth approximately $300 million USD today) fund to support DeFi innovation on the Algorand network.

The fund will fuel the growth of decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms, all running on the high-speed Algorand blockchain.

“The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem. Creating the right infrastructure, application ecosystem and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy-efficient, scalable, and low-cost DeFi ecosystem,” said Sean Lee, CEO of the Algorand Foundation in a statement.

Developing on Algorand

Founded in 2017, Algorand was built from the ground up to handle the volume of transactions needed for DeFi, financial institutions, and governments to smoothly transition to the future of finance, or FutureFi.

 Its underlying blockchain enables the frictionless exchange of value and the simple creation of next-generation financial products and protocols.

50 million ALGO, which has been re-allocated from the AlgoGrant fund, will exclusively support the development of DeFi infrastructure and applications (DApps). Within this, DeFi “SupaGrants” have been designed to support the creation of critical DeFi infrastructures such as cross-chain bridges and price oracles.

The first $5 million SupaGrant will be a call for proposals to build bi-directional bridges from Ethereum and other chains. Once ported to Algorand, dApps need access to market data to manage a variety of smart contract functions.

 The second $5 million SupaGrant will seek proposals for the integration of oracle networks with associated price feeds. The balance of this fund will support further application development across this burgeoning DeFi ecosystem.

Since liquidity is a fundamental driver of DeFi and DApp adoption, the Algorand Foundation is assigning a fund of 100 million ALGO (worth approximately $200m USD today) to support and provide liquidity incentives to the Algorand DeFi ecosystem.

In doing so, the Algorand Foundation is ensuring that quality DeFi projects will be able to access liquidity easily while also incentivizing liquidity providers for fueling DeFi on Algorand. A number of projects, such as the first automated market maker DEX Tinyman, have already engaged with the Foundation to ensure that they will have the appropriate liquidity support required at launch.

By supporting DeFi infrastructure, DApps, and liquidity with this dedicated fund, innovators and developers will be able to make an immediate impact on Algorand’s DeFi ecosystem. And they will be doing so on the most sustainable, carbon-negative, high-performance blockchain in crypto today.

The post Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Algorand (ALGO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0958887
Капитализация $0 Rank 99999
Цена в час новости $ 2.1691 (-100%)

algorand million defi today innovation support foundation

algorand million → Результатов: 39


Фото:

Borderless Capital closes $10M fund to mine and stake HNT

Borderless Capital, a venture capital company focused on growth of the Algorand ecosystem, closed the HNT. Fund for $10 million, Invezz learned from a press release of the company. The fund was conceived with the purpose of mining and staking Helium (HNT/USD), the People’s Network’s native token, which is based on the Helium blockchain and LoRaWAN technology.

2021-7-7 16:07


Algo Capital Raises $200 Million To Develop Algorand Ecosystem

Algo Capital, a financial institution focused on accelerating the Algorand ecosystem has announced a successful funding round for its VC fund, obtaining double the expected $100 million. The firm is a separate entity from both Algorand Foundation and Algorand LLC, but it is wholly focused on driving adoption, liquidity and access to the Algorand blockchain.

2019-8-27 16:22


Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85%

The Coinbase Pro announcement of Algorand’s ALGO listing pushed the price up from $0. 727 to $0. 814 within 40 minutes, an 11. 85 percent increase—and wicking the price as high as $0. 841. Algorand—a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security—made the news last month after it completed a $60 million token sale.

2019-8-10 03:55


Algorand Blockchain and Crypto Project Inks $62 Million Dollar Investment

The next-gen blockchain and altcoin that was purpose-built to enhance modern businesses, Algorand, has just announced that it has secured a sizeable 62-million-dollar investment. Besides acquiring this substantial equity, the firm also added new senior executives to its board from some of the leading technology brands in the world. Among the new additions include Steve […]

2018-10-25 23:10


MIT Academics-Led Blockchain Startup Algorand Raises $62 Million for Enterprise Use

MIT Academics-Led Blockchain Startup Algorand Raises $62 Million for Enterprise Use Algorand, a blockchain startup launched earlier this year by an MIT computer science professor, has now raised $62 million and named a pair of high-profile Boston tech executives to lead the effort to commercialize its technology. The funding comes from a list of about […]

2018-10-25 04:57