Viridis - Welcome to DeFi on Algorand

The Algorand Foundation is enabling leading DeFi projects through the 150M Algo Viridis fund to unleash the potential of the borderless economy on the Algorand blockchain.

The Algorand Foundation is committed to accelerating the development of a next generation DeFi ecosystem, built on the only scalable and decentralized layer 1 blockchain, Algorand. The Algorand Foundation is committed to enabling a new generation of innovators and developers who have a vision of outstanding DeFi without limitations of legacy technology.

The Algorand Foundation announced the 150M Algo Viridis Fund to support and incentivize the creation of the world's most efficient, scalable, and micro-fee DeFi ecosystem. 

The Next Generation Optimal DeFi Ecosystem:

Algorand Blockchain

Algorand is the most powerful, decentralized blockchain platform available to DeFi innovators today. Its unique combination of global scalability, high performance and ironclad cryptographic security makes it a platform that DeFi developers can confidently look to build on today, tomorrow and long into the future.

Building a long term DeFi application requires a significant commitment in terms of software development, engineering and ecosystem building. A DeFi developer needs to be confident that the platform they are choosing to build on, is one that will allow them to scale and grow, to never have downtime and to be built for the long term. The Algorand blockchain is exactly this - a platform being built for the very long term with the robustness and reliability to ensure that your DeFi application will be live, every second, of every day.

To achieve this, the Algorand protocol is built around a number of critical features and performance metrics. No one metric is more important than another, the key is to build a platform that has all these attributes simultaneously.

  • Scale: 80M t/x per day.
  • Speed: 4.5s to t/x finality. micro-cost: 0.001Algo per t/x
  • Uptime: ZERO downtime from mainnet launch
  • Security: Pure PoS
  • Sustainable: Carbon Neutral/Negative
  • Ease of tokenization/asset creation.
  • Truly Decentralized Consensus.
  • No Forking - No risk of 2x Mona Lisa.

For more information on the Algorand blockchain, please visit here.

DeFi Infrastructure

To enable amazing applications, a DeFi ecosystem must have a number of key infrastructure elements to ensure the accurate, instant flow of information and liquidity across applications and across chains. This frictionless infrastructure is a critical element in the acceleration of adoption of DeFi on a blockchain. Key elements include:

  • Stablecoins (USDT, USDC, CAD, Digital Euro, REAL, Turkish Lira)
  • Decentralized Exchanges (DEX)
  • Token Bridge (ETH, BTC, BSC, ADA, SOL, DOT)
  • Price Oracles

To benefit and utilize multiple ecosystems, dApps need simple ways to use tokens that are already issued as ASAs on Algorand or exist as tokens on other chains that can be “bridged” over. That’s why our first super grant is a call for a bridge from Ethereum, Bitcoin, Polkadot, Avalanche, Binance Smart Chain, or Solana to Algorand.

Once tokens are ported to Algorand, dApps will need access to market data to manage a variety of smart contract functions. That’s why our second SupaGrant is seeking the integration of a data oracle network with associated price feeds such as Chainlink or Razor Network.

(D) Applications

DeFi is the most dynamic sector within the world of blockchain applications. It offers amazing opportunities for wealth creation through innovation and disruption of our existing, limited traditional financial services world. Previously impossible models are now possible with the power of smart contracts, trustless systems, tokenization and the global scale of the Algorand blockchain.

DeFi is not limited by a narrow definition of finance - instead it also embraces art and the creator community, it fuels give/get reward models, it enables micro-economies, operating at 1/1000th of cent or less, but at enormous scale. For simplicity, we have categorized DeFi into 4 sectors - but this is only the beginning.

Liquidity

Liquidity is the key to creating vibrant and robust DeFi marketplaces. Enabling the flow of assets in and out of DeFi applications (dApps) and across chains is critical to the growth of the DeFi marketplace. The Algorand Foundation has created a $200M USD Liquidity Fund within the Viridis DeFi fund. The goal of this fund is to stimulate and support early stage liquidity in the Algorand DeFi ecosystem. 

To apply for Liquidity support, please email [email protected].