- Algorand DeFi sector's new fund is worth nearly $300 million
- The fund is offering grants to different Algorand Decentralized Finance sectors
- Algorand seeks to attract developers to the blockchain
Algorand ecosystem is on a mission to boost its decentralized finance sector even with stiff competition from leading ecosystems such as binance smart chain and Ethereum. The Algorand foundations announced that a new fund worth $300 million will be injected into different DeFi projects interested in building on native blockchains on Algorand.
The fund will provide more than 150 million Algo tokens in its bid to boost the growth of the Algorand decentralized finance sector. The fund, dubbed Viridis DeFi Fund, was created to boost different money markets, NFT platforms, options markets, DEXs and synthetic asset apps on what is said to be the best blockchain network.
The announced if this booster fund presents the perfect chance for the Algorand blockchain to show its potential. This comes at a time when the Ethereum blockchain is struggling to meet DeFi sector demands while BSC is facing legal issues with regulators.