Algorand Foundation Announces $10 Million Grant Focused on EVM Compatibility as Algorand Adoption Accelerates

Denver, February 17th, 2022 – The Algorand Foundation today announced a $10,000,000 USD SupaGrant to be rewarded among teams that will explore and accelerate the technical work needed to deliver EVM compatibility on Algorand. This will enable those innovators looking to leverage Algorand’s high performance, sustainable and cost effective blockchain but are already accustomed to building on EVM. 

Research and developer teams will be expected to submit their proposals no later than 18 March, 2022 outlining the methodology of their research, estimated costs and timeline through the call for proposals here. Multiple teams may be chosen with the reward being split among the competing teams.

“Algorand believes in a multi-chain world and this SupaGrant will move us towards that inevitability,” said Staci Warden, CEO Algorand Foundation. “Running smart contracts written for Ethereum on Algorand eliminates the barriers for popular DeFi protocols and NFT projects to serve multiple chains while significantly decreasing the costs to those who participate. We believe that incentivizing experienced developer teams to research and build long lasting fundamental technology for Algorand will benefit the entire blockchain community.”

Research and developer teams participating in the SupaGrant are welcome to use any technology of their choosing to achieve EVM compatibility. 

About Algorand’s SupaGrants Program

Algorand’s SupaGrant is a supercharged grant program that targets experienced R&D teams and organizations to research or build secure and high-quality solutions for the Algorand ecosystem. 

The Algorand Foundation seeks to support these projects financially on a long-term basis, aiding them in their research costs, marketing, and other support they might need.

About the Algorand Foundation

The Algorand blockchain -- designed by MIT professor and Turing Award winning cryptographer Silvio Micali – is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.

The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem.