>**Denver, February 17th, 2022** – The Algorand Foundation today announced a $10,000,000 USD SupaGrant to be rewarded among teams that will explore and accelerate the technical work needed to deliver EVM compatibility on Algorand. This will enable those innovators looking to leverage Algorand’s high performance, sustainable and cost effective blockchain but are already accustomed to building on EVM.
>Research and developer teams will be expected to submit their proposals no later than 18 March, 2022 outlining the methodology of their research, estimated costs and timeline through the call for proposals [here]( Multiple teams may be chosen with the reward being split among the competing teams.
>“Algorand believes in a multi-chain world and this SupaGrant will move us towards that inevitability,” said Staci Warden, CEO Algorand Foundation. “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. We believe that incentivizing experienced developer teams to research and build long lasting fundamental technology for Algorand will benefit the entire blockchain community.”
>Research and developer teams participating in the SupaGrant are welcome to use any technology of their choosing to achieve EVM compatibility.
>**About Algorand’s SupaGrants Program**
>Algorand’s SupaGrant is a supercharged grant program that targets experienced R&D teams and organizations to research or build secure and high-quality solutions for the Algorand ecosystem.
>The Algorand Foundation seeks to support these projects financially on a long-term basis, aiding them in their research costs, marketing, and other support they might need.
>**About the Algorand Foundation**
>The Algorand blockchain — designed by MIT professor and Turing Award winning cryptographer Silvio Micali – is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
>The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem.
edit: There is actually 20 million worth of grants. The first 10 million goes to EVM compatibility. The other 10 million is going towards developer tools.
>Foundation officials said $10 million in grants would go to developers that can provide solutions for Ethereum Virtual Machine (EVM) compatibility, a key cog for emerging networks looking to woo established projects. For Algorand, EVM compatibility means applications that are built on Ethereum or other Ethereum-compatible chains can also execute on Algorand.
>Warden told CoinDesk the other $10 million will go toward projects that can build robust developer tools for Algorand. Developer tools are suites of products that make building applications on Algorand easier, such as compilers and debuggers.
15 thoughts on “Algorand Foundation Announces $10 Million Grant Focused on EVM Compatibility as Algorand Adoption Accelerates.”
I have strong feeling that the next bull run we have, ALGO will finally get the price recognition it deserves
It continues to go from strength to strength
they should try to implement tendermint and join the cosmos.
Best mid-cap project by a lot. At worst, it’s equal to ADA. 10b coins vs 45b, means the price can 4.5x (at fdmc, right now closer to 6x) and have the same market cap as ADA.
I can wait for the day people say “remember when you could buy ALGO for $1”
ALGO is an sleeping giant and the day it wakes nobody will catch it on time. Filling more this week.
Algo tech to the moon
What does EVM mean? What is EVM?
Algorand making moves
Sounds good in theory. But Algorand didn’t really deliver yet.
I am the Governor of Algorand and I approve this message.
I am algorandy
great to see some development with Algo and the focus on interoperability even though that was the 2021 hype which Algo completely missed. but this lastest announcement does give me the feeling that Algo built the backbone and now throwing money so that developers can finish the bridge for them. love to see how this works out in the end.
10million? That must be the record for the lowest amount funded for development of their ecosystem.
Pretty late to the party 🤷♂️
I like grants
Still trying to figure out what EVM is, yea lets use abbreviations without explanation.
Quick Google search leaves me with many choices :
Ethereum Virtual machine
Electronic Voting Machine
Electric Vehicles Market
Effective Vaccine Management
Earned Value Management
Probably the first one if i go by the little context there is.