NewsAlgoGrants is evolving to a new vertical-focused Ecosystem Funding structure

AlgoGrants is evolving to a new vertical-focused Ecosystem Funding structure

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March 14th, 2022 - The AlgoGrants program began in mid-2020 to kickstart building of tools, assets, apps, and communities for the Algorand ecosystem. Grants have typically fallen under one of four categories: research, education and community, developer tools, and applications and use cases. As the Algorand Ecosystem goes full steam ahead into 2022 and beyond, the Foundation has decided the timing is right to shift our program strategy as we have accomplished the initial objective of building community awareness and a critical mass of teams building on Algorand.

The AlgoGrants program will sunset in the coming weeks, with new Ecosystem Funding programs taking its place. Please note the current SupaGrants for EVM compatibility and IDO launchpads remain open for applications and will soon be joined by further innovative SupaGrants opportunities.

Existing grant recipients will have received prior communications on this program change, and all grant applications received before the closure of the AlgoGrants form will still be processed as per the existing program terms and conditions. The program will formally close for applications on March 30th, 2022.

Scaling Algorand, Stronger and Faster

The decision to transition to a vertical-focused funding model was made after careful deliberation of market demands, community needs and a prioritization of key developments that matter most to the growth of the Algorand ecosystem.

After recently crossing $100m USD worth of TVL across leading DeFi apps such as Algofi, Algomint, and Tinyman with the assistance of the Aeneas Liquidity Rewards program it has become clear that doubling down on assisting the best builders in blockchain is the right approach for Algorand to achieve its full potential. This approach extends beyond DeFi and into NFTs, Gaming, Environmental Sustainability, and more.

Stay tuned for big announcements around the Foundation’s plan to support ecosystem builders in those verticals in the coming months.

What’s Next?

This transition is already in progress - while AlgoGrants is winding down, key vertical strategies are being rolled out with ecosystem partners to get funding into the hands of builders. This approach is already bearing fruit in seeing a number of seed stage projects entering testnet and preparing for big launches on mainnet. The Foundation is eager to deepen its support at every stage of this lifecycle in the areas that matter most - from capital, to security audits, to liquidity, marketing, and more.

Over the coming weeks, we will provide more information on new and innovative programs, including additional verticals, that will join our Viridis DeFi and Aeneas Liquidity programs in supporting the phenomenal growth of the Algorand ecosystem. We would like to thank the community for your overwhelming support of Algorand thus far and may we prosper together with your continued support. Let’s build together!  

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