Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation, ALGO shoots 10%

10 Sep, 2021

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Algorand Pokes Ethereum and Solana In Anthony Scaramucci Featured Ad

Fund Allocation for DeFi Development

The AlgorGrant Fund gets 50 million ALGO ($100 million USD) that will exclusively go towards the development of decentralized applications (DApps) and DeFi infrastructure. Algorand will also introduce DeFi “SupaGrants” supporting cross-chain bridges.
Another 100 million ALGO ($200 million USD) will go towards providing liquidity incentives for DeFi and DApps adoption. Thus, quality DeFi projects on Algorand will not face liquidity issues going ahead.

The ALGO Price Rally

Algorand’s native cryptocurrency ALGO has registered a strong price rally making 100% gains in just the last two days. The ALGO price rallied all the way to $2.47 earlier today. As of press time, it is still trading 7.5% up at a price of $2.06 and a market cap of $10.7 billion.

The ALGO price rally comes as the El Salvador government officially approves the Algorand blockchain to build the country’s blockchain infrastructure. Besides, the Algorand blockchain has also seen a strong surge in the DeFi activity on the platform.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.