Algorand Foundation Launches $300 Million USD Viridis Fund to Support DeFi Innovation

Sept 10th, 2021 - The Algorand Foundation is excited to launch the Viridis DeFi fund today. This fund will provide 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand. We will be sharing more news and content on this innovative and exciting program over the next weeks and the Viridis DeFi fund will also be featured as a dedicated section on our website.

Today, however, we are excited to share the first two 'SupaGrants' which have been designed to support the creation of critical DeFi infrastructure. Introducing the $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant.

The $5M Price Oracle SupaGrant will seek proposals for the integration of oracle networks with associated price feeds. Applications can be made through our Price Oracle SupaGrant portal.

The $5M Bridge SupaGrant will be a call for proposals to build bi-directional bridges from Ethereum and other chains. Once ported to Algorand, DApps need access to market data to manage a variety of smart contract functions. Applications can be made through our Bridge SupaGrant portal.

For more information on our announcement .

Why "Viridis" ? Viridis is a latin word meaning Green, Young, Vibrant, Fresh, to grow. We see this a perfect metaphor for how the Algorand Foundation will help grow and inspire a vibrant, dynamic, rapidly growing DeFi ecosystem on the Algorand network. And everybody that builds their DeFi applications on Algorand can do so in the knowledge that they are building on the most sustainable, carbon negative, high performance blockchain. Viridis will enable sustainable, green, wealth creation.