Algorand Foundation announced the launch of a $330 million fund that is solely focused on decentralized finance.
Algorand sets up a DeFi-focused fund
Algorand Foundation announced the launch of its DeFi-focused fund earlier today. The fund is expected to pave the way for further growth within the decentralized finance ecosystem, the development team added.
In a blog post earlier today, the Algorand Foundation said they are “excited to launch the Viridis DeFi fund today. This fund will provide 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand. We will be sharing more news and content on this innovative and exciting program over the next weeks, and the Viridis DeFi fund will also be featured as a dedicated section on our website.”
The announcement was followed by the news that Algorand created two SupaGrants, designed to support the creation of critical DeFi infrastructure. The Price Oracle SupaGrant and the Bridge SupaGrant are worth $5 million each.
“The $5M Price Oracle SupaGrant will seek proposals for the integration of oracle networks with associated price feeds. Applications can be made through our Price Oracle SupaGrant portal,” the Algorand Foundation added.
Blockchain firms are expanding their services
In addition to Algorand, Harmony, a blockchain platform designed for running Ethereum applications, launched its $300 million fund earlier today. The fund is designed to attract projects operating on other networks like Ethereum and scaling solutions like the Polygon.