Morgan Chittum

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                <li>Algorand’s native crypto (ALGO) hit a two-year high this week, trading at $2.42</li>
                <li>Some 150 million ALGO have been allocated to the fund, worth roughly $300 million, as of press time</li>
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<p>Algorand Foundation, the blockchain project behind Algorand, <a href="https://www.prnewswire.com/news-releases/algorand-foundation-launches-300-million-usd-fund-to-support-defi-innovation-301373155.html">announced</a> the launch of a $300 million fund focused on the decentralized finance (DeFi) space on Friday.</p>



<p>The fund, called Viridis, will focus on financing the development of DeFi on Algorand’s network, the organization said in a<a href="https://www.prnewswire.com/news-releases/algorand-foundation-launches-300-million-usd-fund-to-support-defi-innovation-301373155.html"> statement</a>. More specifically, Viridis will focus on decentralized exchanges, non-fungible token platforms, money markets, synthetic asset applications and options markets.&nbsp;&nbsp;</p>



<p>In addition, the foundation announced two &#8216;SupaGrants&#8217; 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.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="512" height="262" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg" alt="Algorand " class="wp-image-7782" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=512 512w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/Algorand.jpeg?w=80 80w" sizes="auto, (max-width: 512px) 100vw, 512px" /></figure></div>



<p>“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.”</p>



<p>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.</p>



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



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