Algorand And Harmony Spike After Setting Up the Funds
On Sep 10, 2021
Both projects invested hugely in the DEFI development, which was considered a buy signal by investors. Algorand and Harmony spiked after the announcement.
Decentralized Finance (DeFi) alters and advances the conditions set by traditional finance. With the recent announcements by the crypto startups, each blockchain network began to focus on the development and evolution of the DeFi. To support the DeFi, Algorand, and Harmony invested heavily during the 2 days. Both companies want to bolster the development of DeFi projects on their blockchains. With the announcements, the price of their native tokens has spiked.
Algorand Established $330 Million USD Fund
As one of the innovative blockchain, Algorand launches its $300 Million USD Fund to Support DeFi Innovation. Viridis Fund will support the development of the DeFi ecosystem on Algorand. According to the official announcement, a total of 150 million ALGO tokens will be provided by the fund.
In the announcement, they shared the 2 grants dedicated to the establishment of the critical DeFi infrastructure. “SupaGrant” includes 2 grants – $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant. The applications to the grant can be shared through the dedicated portal.
CEO of the Algorand, Sean Lee, said:
“The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem. Creating the right infrastructure, application ecosystem, and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy-efficient, scalable, and low-cost DeFi ecosystem.”
The price of the ALGO has been on the increasing trend recently. In last month the price has been more than doubled. It has surged to $2.5 earlier on 10 September. This surge marked a 2-year high for the ALGO.
Harmony Unveiled A $300M Ecosystem Fund
Another promising blockchain Harmony also focuses on the building Harmony Ecosystem. In this regard, more than $300 million funds have been arranged by the project. Their recent campaigns are also dedicated to encouraging developers to build on the Harmony ecosystem. The Harmony Ecosystem Fund is based on the 3 main pillars:
- Build – generous pay for developers and creatives toward impacts;
- Play – small budgets but many experiments in short timeframes;
- Talk – strong guidance and peer feedback in open forums.
The announcement instantly affected the price of the ONE- the native coin of Harmony. Following the news, the price spiked from $0.15 to $0.20 within a few minutes. At the time of writing, the price of ONE was $0.17, and the market cap was 1.8 billion.
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