Algorand Foundation Launches $300 Million DeFi Innovation Fund

The Algorand Foundation today announced the launch of the Viridis DeFi Program, a 150 million Algo (worth approximately $300 million USD today). This fund will be used to support DeFi innovation on the Algorand network.

Also, this fund will fuel the growth of decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms.

“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” said Sean Lee, CEO of the Algorand Foundation.

There are two $5 million “SupaGrants,” as announced by the Algorand Foundation. The first SupaGrant will support applications for building bridges between Algorand and other networks such as Ethereum.

While the second one will seek proposals for integrating oracle networks – which provide real-world information to blockchains – with associated price feeds.