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

By Bhushan Akolkar
Published September 10, 2021 Updated September 10, 2021
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Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation, ALGO shoots 10%

By Bhushan Akolkar
Published September 10, 2021 Updated September 10, 2021

The Algorand Foundation today announced its new DeFi program Viridis along with a 150 million Algo (worth $300 million USD). The new fund will help to boost DeFi innovation on the Algorand platform.

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The fund will go towards the development of money markets, options markets, and decentralized exchanges (DEX) on the Algorand platform. They will also go towards the development of synthetic asset applications as well as NFT platforms. Sean Lee, CEO of the Algorand Foundation said:

“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”.

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.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
715 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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