Algorand Foundation Launches $300M DeFi Fund

The fund, called Viridis, will focus on financing the development of DeFi on Algorand’s network

article-image

Source: Shutterstock

share

key takeaways

  • Algorand’s native crypto (ALGO) hit a two-year high this week, trading at $2.42
  • Some 150 million ALGO have been allocated to the fund, worth roughly $300 million, as of press time

Algorand Foundation, the blockchain project behind Algorand, announced the launch of a $300 million fund focused on the decentralized finance (DeFi) space on Friday.

The fund, called Viridis, will focus on financing the development of DeFi on Algorand’s network, the organization said in a statement. More specifically, Viridis will focus on decentralized exchanges, non-fungible token platforms, money markets, synthetic asset applications and options markets.  

In addition, the foundation announced two ‘SupaGrants’ which create additional DeFi infrastructure such as an oracle network and a bridge network, totalling $10 million for both. Some 150 million of Algorand’s native token ALGO has been allocated to the fund, which is worth roughly $300 million, as of press time.

Algorand

“Algorand is a proven blockchain network that meets the rigorous speed, security, and stability requirements needed to launch enterprise-ready applications. The Algorand ecosystem has experienced significant growth this year in NFTs, DeFi, and beyond,” Stephen Duignan, Head of Marketing, told Blockworks in a statement. “More than half a billion dollars flowed into the ecosystem in the first half of 2021 alone.”

Founded by computer scientist Silvio Micali in 2017, Algorand’s native token (ALGO) has jumped 58.89% in a week. ALGO hit a two-year high on Thursday, trading at $2.42, according to Messari. Following the foundation’s announcement, ALGO slid to $2.01, respectively.

“As we look ahead, there will be increased adoption of Algorand-based DeFi applications and decentralized governance that will continue this momentum,” Duignan added.

Are you a UK or EU reader that cant get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

article-image

This report has been corrected.

article-image

Stablecoin revenue a bright spot for the crypto exchange in Q1, as trading revenue dropped 19% quarter over quarter

article-image

Creators are being told to “shill” their tokens and cash in on their “cults”

article-image

Risk appetite returns on merger, trade news — but can it last?

article-image

Togo activist Farida Nabourema is fighting back with Bitcoin