The Algorand Foundation has announced the launch of a 150 million ALGO Viridis fund to develop decentralized finance projects powered by the Algorand blockchain.
Fund founders
reportedthat its main task will be the development of money markets, decentralized exchanges and DeFi applications built on the Algorand blockchain. In addition, the funds from the fund, worth about $ 300 million, will go to the development of platforms for issuing and trading non-fungible tokens (NFT). The foundation is already ready to provide the first two grants to support the DeFi infrastructure: Oracle SupaGrant and Bridge SupaGrant, worth $ 5 million each.
The developers explained that the name “Viridis” is a Latin word for green, youth, brightness, freshness and growth. The Algorand Foundation believes that this name will be the most appropriate for a foundation that will help develop a vibrant DeFi ecosystem. In addition, Algorand is positioning itself as an environmentally friendly blockchain with a negative carbon footprint.
“The Algorand Foundation is pleased to announce the launch of a funding program to accelerate the development of DeFi. By building the right infrastructure, app ecosystem and liquidity, Algorand-based DeFi projects will form one of the most energy efficient, scalable and low cost ecosystems in the world, ”said Sean Lee, CEO of the Algorand Foundation.
Earlier this year, Algorand partnered with crypto custodian service Curv to create DeFi “trusted” application solutions based on its blockchain. And recently, the ALGO coin has set a new all-time high amid the correction of most cryptocurrencies.
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