Algorand Foundation joins AlgoDAO’s seed round as strategic investor
2 March 2022 — AlgoDAO, a next-generation decentralized primary market infrastructure and Web3 accelerator for Algorand, is pleased to announce that the Algorand Foundation has joined its seed round as a strategic investor.
AlgoDAO is on a mission to eliminate the economic barriers to Web3 funding by providing access to a decentralized primary market infrastructure at scale. AlgoDAO is purpose-built for the Algorand network to function as an accelerator, launchpad and price-discovery engine to access early-stage funding opportunities.
AlgoDAO will play a significant role in mainstreaming the adoption of blockchain-powered solutions by facilitating the participation of non-crypto natives and non-technical audiences in early-stage investments in high-quality projects in the new digital assets economy.
Algorand Foundation’s strategic investment in the seed round further validates our strong belief for the need for a decentralized primary infrastructure to rapidly scale Algorand’s L2 ecosystem, attract and empower developers to build on Algorand, as well as position Algorand to compete effectively with other L1 chains in the DeFi, Web3, and dApps economy.
The strategic investment of the Algorand Foundation further qualifies projects that pass AlgoDAO’s due diligence to be incentivized with a US$5,000 ecosystem support grant and an NFT badge that provides them with provably reputable third-party validation.
In the words of Nathan Kaiser, appointed Managing Director at AlgoDAO: “The Algorand Foundation joining AlgoDAO as a strategic investor is a testament that we are on the right track in our mission to build a vibrant primary market infrastructure for the Algorand ecosystem. We will be working closely with the Foundation to unlock more opportunities for innovative projects to get all the support they need to build the borderless future of Algorand.”
“AlgoDAO’s implementation of a built-in accelerator within their launchpad helps boost the quality of projects in the Algorand ecosystem. Some users might find their Sigma pool farming very interesting as it grows over time due to the number of projects successfully funded,” says Daniel Oon, Head of DeFi at the Algorand Foundation.
AlgoDAO had previously completed its scoping and initiation phase and it will soon commence its private beta and semi-public beta testing. The learnings from the beta testing phase will be crucial for fine-tuning the technology, systems, and processes. This will ensure AlgoDAO can deliver a best-in-class decentralized primary market infrastructure and tokenized incubator to empower the organic expansion of dApps, Web3 applications, and DeFi projects within the Algorand ecosystem.
About AlgoDAO: AlgoDAO is a next-generation decentralized primary market infrastructure and Web3 accelerator for the Algorand ecosystem. It is designed to be a community-owned and driven ecosystem for incubation, launching, accelerating, and collectively investing into high-quality projects building on Algorand. https://algodao.fi
About Algorand Foundation: The Algorand blockchain — designed by the 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.
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