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The Algorand Foundation is setting up a $10M SupaGrant to be rewarded among teams that accelerate the work needed to deliver Ethereum (ETH-USD) Virtual Machine (“EVM”) compatibility, according to a release dated Feb. 17.
Algorand’s SupaGrant is a grant program that targets experienced research and development teams to research or build secure solutions for the Algorand ecosystem. And EVM compatibility refers to decentralized applications that are built on ether-compatible blockchains.
Research and developer teams will be expected to submit their proposals no later than March 18, the release noted. Multiple teams may be chosen with the reward being split among the competing teams.
Furthermore, “Algorand believes in a multi-chain world and this SupaGrant will move us towards that inevitability,” said Algorand Foundation CEO Staci Warden. “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,” she added.
Subsequently, another $10M will go to projects that can build strong developer tools for Algorand, such as compilers, Algorand Foundation CEO Staci Warden told CoinDesk in an interview Thursday.
Meanwhile, Algorand Foundation’s native digital token, Algorand (ALGO-USD -1.1%), is off slightly in the past 24 hours, as bitcoin (BTC-USD -1.5%) and ethereum (ETH-USD -3.3%) drift lower.
Previously, (Dec. 30, 2021) Algorand said it will distribute 2M ALGO to drive DeFi adoption.