The Algorand Foundation has launched a 150 million ALGO (US$300 million) fund to support innovation in decentralized finance (DeFi) on the Algorand network.
- The Viridis DeFi Fund will support the development of DeFi applications such as exchanges, money markets and non-fungible token (NFT) platforms.
- The fund commences with the launch of two $5 million “SupaGrants,” the Algorand Foundation announced Friday.
- The first SupaGrant will support applications for building bridges between Algorand and other networks such as Ethereum, while the second will seek proposals for integrating oracle networks – which provide real-world information to blockchains – with associated price feeds.
- Algorand already has around 700 organizations building on it and is backed by entities including TechCrunch founder Michael Arrington’s crypto venture capital firm Arrington Capital, which launched a $100 million fund for Algorand-based projects in June.
CORRECTION (SEPT.10, 12:03 UTC): Corrects spelling of Algorand in the headline.
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