The Algorand Foundation has reportedly disclosed details regarding a new fund, dedicated to financially support particular DeFi initiatives, planning to develop on its native blockchain. 

Specifically, the freshly established fund reportedly goes by the name “Viridis DeFi fund”, and has been activated by the Algorand Foundation – the entity behind the Algorand blockchain and its ecosystem development.

The fund was reportedly formed with a primary goal of offering 150 Million Algo to financially facilitate the early development of the DeFi ecosystem across Algorand. 

“The 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”.

At the time of publication, the trading price for Algorand’s native coin (ALGO) is $1.96, per CoinMarketCap. This means the value of the fund is standing at $294 million, taking into account the mentioned 150 million ALGO.

With the Ethereum blockchain encountering issues related to scalability as well as satisfying DeFi usage demand – as visible by the high gas fees – a variety of alternative blockchains have been speeding up in the race. 

The Algorand Foundation additionally disclosed details regarding the first two Algorand DeFi building categories – dubbed “SupaGrants”, put in place to receive capital from the fund, with the holding capacity of $5 million individually. 

“We are excited to share the first two SupaGrants that have been designed to support the creation of critical DeFi infrastructure. Introducing the $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant.”