Algorand Foundation has announced the launch of a DeFi fund called ‘Viridis’ on September 10. The fund in question aims to support 150 million Algo to boost the decentralized finance ecosystem on Algorand, according to the official blog post.
To propel the growth of the fund, the foundation introduced the $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant. The main objective behind the funds is to accommodate the growing demand for the Defi space and support the development of decentralized infrastructure.
Algorand’s SupaGrants program aims at skilled teams of developers and organizations in order to create security and superior solutions for the ecosystem. The program mainly focuses on teams with relevant experience in building advanced solutions such as automated market makers [AMMs], decentralized exchanges [DEX], or bridges. It also intends to utilize its expertise to design an oracle system. Primarily, the teams must have the capacity to be able to maintain the oracle long-term and efficiently respond to security and non-security concerns that may come up.
What is Algorand’s “Virdis” all about
“Viridis” reflects Algorand’s ambitious roadmap to create a green and carbon-free ecosystem and implement the same in its rapidly evolving DeFi domain. Along the same line, the blog post stated,
“And everybody that builds their DeFi applications on Algorand can do so in the knowledge that they are building on the most sustainable, carbon negative, high performance blockchain. Viridis will enable sustainable, green, wealth creation.”
The first $5 million SupaGrant will be used to create two-way bridges from Ethereum and other chains. Once ported to the Algorand blockchain, decentralized applications will require access to market data to handle a wide range of smart contract functions. The second $5 million SupaGrant is involved in seeking proposals for the purpose of integrating the oracle networks with associated price feeds. The remaining funds will be deployed on the further development of the application across this DeFi ecosystem.
Algorand isn’t the only blockchain to have come up with a DeFi fund. Harmony, another blockchain platform, announced a $300 million fund recently.
Besides, ALGO, Algorand’s native cryptocurrency, performed well in September. The token has risen by more than 77 percent in two days, from a low of $1.19 to a press time price of $2.11.