Algorand (ALGO) Register Strong Rally Surging 100% in Three Days, Raises $300 Million for DeFi Innovation
While the overall cryptocurrency market has been reeling under pressure this week, proof-of-stake (PoS) blockchain Algorand has witnessed some major developments in line. ALGO, the native cryptocurrency of Algorand has registered massive rally over the last four days.
The ALGO price surged all the way from $1.04 to hitting its new all-time high above $2.40 on Thursday, September 9. As of press time, Algorand (ALGO) is trading 6%up at a price of $2.16 and a market cap of $11.14 billion. This has helped Algorand to find a place in the list of top twenty cryptocurrencies by market cap.
Just like Solana, the Algorand blockchain has been gaining some traction in the emerging decentralized finance (DeFi) space. The total value locked on the Algorand blockchain has jumped by 10x since the beginning of June 2021. Although it is quite less compared to other alternatives in the market, Algorand is certainly getting some good visibility.
On Friday, September 10, the Algorand Foundation announced its $300 million DeFi fund dubbed Viridis. The foundation will use these funds to boost the growth of the DeFi ecosystem on its blockchain platform.
Speaking of the development, Sean Lee, CEO of the Algorand Foundation 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”.
With this massive fund raise, Algorand will ensure that DeFi projects have enough and easy access to liquidity. This is a massive development and comes just at the time of increased DeFi activity in the crypto space.
Besides, the Algorand Foundation is also working on introducing governance features for the ALGO token holders. The feature will go live in the next month on October 1. It will also give users the ability to vote and participate in several development initiatives on the Algorand blockchain.
One of the biggest boost for Algorand recently was the official adoption of the Algorand blockchain by the El Salvador government. The Latin American country recently made Bitcoin its official currency earlier this week. Now, it aims to use the Algorand blockchain to expand the country’s blockchain infrastructure.
For this, El Salvador signed an agreement with blockchain infrastructure firm Koibanx. The announcement notes that El Salvador will leverage the Algorand blockchain for several private and public initiatives.