It’s been just revealed that an Ethereum competitor launched a $300 million fund to support DeFi.
The online publication, the Daily Hodl, notes that the blockchain company Algorand Foundation is putting 150 million ALGO, worth about $309 million.
The money pours into the Viridis DeFi Program in an effort to fuel the growth of development on its platform.
Sean Lee, who is the chief executive officer of the Algorand Foundation, says the fund will help accelerate the adoption of DeFi across the project’s 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.”
According to the same notes, the first 100 million ALGO will be devoted to providing support and liquidity incentives to the Algorand DeFi ecosystem.
“The other 50 million ALGO will be earmarked for the development of DeFi infrastructure and applications (DApps),” the notes continue.
Crypto trader and analyst Lark Davis says the existence of these ecosystem funds is a bullish development for the sector overall.
“Most of the big chains have announced multi-hundred million dollar funds to bootstrap ecosystems over the last few weeks. No one is bullish enough!”
The CEO of the Algorand Foundation said the following:
“The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem.”
DeFi popularity keeps growing
The DeFi space is seeing a growth in popularity which is not showing any signs of stopping.
In this nascent and rapidly evolving space, there are various projects that are attracting investors due to their strong fundamentals.
We recently addressed three of the best three DeFi projects that you should be keeping an eye on these days.
Stay tuned for more news, and make sure to keep your eyes peeled on the crypto market.