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Algorand Basis introduces $300 million funds to encourage decentralized finance
Sep, 15 2021
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On Friday, September 10, Algorand Foundation announced a $300 million fund called Viridis DeFi Program that will be launched to provide funding for certain DeFi projects based on Algorand’s native blockchain. Currently, the Foundation is financing around $300 million and provides 150 million Algo to expand its DeFi sector.
The
Viridis fund will be used to support the development of DeFi on the company's
network. According to the statement, the fund will be focussed specifically on
money markets, decentralized exchanges, NFT platforms, synthetic asset
applications, DEXes, and more.
“The
Algorand Foundation is excited to launch this funding program to help
accelerate the adoption of DeFi across the Algorand Ecosystem,” said Sean Lee,
CEO of the Algorand Foundation. He adds, “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.”
The fund
of around $300 million will provide grants to DeFI sectors. The initial 100
million ALGO will be utilized to help the company's DeFi ecosystem by providing
assistance and liquidity incentives. 50 million ALGO can be used to develop
DeFi infrastructure and functions (DApps). Algorand's blockchain is expected to
expand in the DeFi sector soon as a result of new investment. The goal is to
attract developers to blockchain technology at a time when the crypto community
is looking for new and innovative platforms.
Silvio
Micali founded Algorand in 2017 for DeFi, financial institutions, and
governments. The platform is based on the ideas of an open, fully
decentralized, public, and scalable blockchain. It provides next-generation
financial goods and protocols and reduces intermediaries to reduce the cost of
transactions.
The
company's native token (ALGO) has increased by 58.89 percent in a week. ALGO
touched a two-year high on Thursday, trading at $2.42. Following the
announcement of the foundation, the price fell to $2.01.
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Pavan A
CBW - External Analyst
INDIA
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