{"id":138421,"date":"2021-09-10T20:15:10","date_gmt":"2021-09-10T20:15:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138421"},"modified":"2021-09-10T20:15:10","modified_gmt":"2021-09-10T20:15:10","slug":"new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth\/","title":{"rendered":"New fund aims to put hundreds of millions toward Algorand DeFi growth"},"content":{"rendered":"

Decentralized finance, or DeFi, has developed significantly over the past two years. The Algorand Foundation has unveiled a new fund positioned to allocate money toward certain DeFi projects looking to build on its native blockchain.\u00a0<\/p>\n

The pool of capital is called the Viridis DeFi fund and is headed up by the Algorand Foundation \u2014 a group that was responsible for the Algorand blockchain and its ecosystem development. \u201cThis fund will provide 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand,\u201d according to\u00a0a Friday post on the Algorand Foundation\u2019s website. <\/p>\n

\u201cThe fund will fuel the growth of decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms, all running on the best blockchain network for the future of finance,\u201d the statement continued.\u00a0<\/p>\n

At the time of publication, Algorand\u2019s native coin (ALGO) trades at $1.96, based on CoinMarketCap data. This currently puts the value of the fund at $294 million, given the mentioned 150 million ALGO. <\/p>\n

As the Ethereum blockchain has struggled to scale and meet DeFi usage demand \u2014 as isevident in the network’s high fees\u00a0\u2014\u00a0other blockchains have increasingly gained traction.<\/p>\n

Kicking off the fund, the Algorand Foundation revealed the first two Algorand DeFi building categories positioned to receive capital from the fund. Calling them \u201cSupaGrants,\u201d each grant holds $5 million. \u201cWe are excited to share the first two SupaGrants that have been designed to support the creation of critical DeFi infrastructure,\u201d the announcement post detailed. \u201cIntroducing the $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant.\u201d <\/p>\n

Oracles in the crypto space are essentially ways to route information data to certain blockchains from sources outside those networks. Bridges help to connect siloed blockchains so they can interact with each other, adding potential to possibly limited single networks. The oracle grant is open to interested applicants, while the bridge grant is still in the works. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Decentralized finance, or DeFi, has developed significantly<\/p>\n","protected":false},"author":3,"featured_media":138420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNew fund aims to put hundreds of millions toward Algorand DeFi growth - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New fund aims to put hundreds of millions toward Algorand DeFi growth - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Decentralized finance, or DeFi, has developed significantly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-10T20:15:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/New-fund-aims-to-put-hundreds-of-millions-toward-Algorand-DeFi-growth-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/new-fund-aims-to-put-hundreds-of-millions-toward-algorand-defi-growth\/\",\"name\":\"New fund aims to put hundreds of millions toward Algorand DeFi growth - 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