Popular blockchain-agnostic and DeFi-aggregation layer Frontier has received a substantial grant from the Algorand Foundation.
Interestingly, both platforms will be working together as partners. According to reports, the partnership will be directed at creating a truly inclusive DeFi ecosystem for all. With the grant received from Algorand, Frontier will work on developing its chain and application. Furthermore, ensuring its application is fit to securely support the Algorand blockchain as well as its myriad of protocols.
Frontier CEO Ravindra Kumar disclosed that his entire team was excited by the partnership and grant. He added that Frontier looks forward to working with the Algorand Foundation. Ravindra further said that both platforms will work together to birth a truly inclusive, borderless, and unlimited economy for all. Frontier, on one end, will make it possible for users to easily and seamlessly onboard dApps supported by the Algorand blockchain.
— Crypto Daily (@cryptodailyuk) January 18, 2021
Sean Lee, CEO of Algorand, also touted the partnership as a great step in the right direction. According to him, while the DeFi space is a very innovative one, it is far from perfect. Lee, furthermore, disclosed that several glitches and issues still exist with regards to making use of the DeFi space. Algorand, alongside DeFi-aggregation layer Frontier, looks to put an end to these issues. Together, the platforms will work to improve user experience, allowing users to easily supervise and manage their DeFi portfolio from a single application.
Advantages of the Partnership
The partnership will make it possible for users to:
- Stake ALGO tokens on Frontier.
- Easily link their Trust Wallet with Frontier, enabling them to track and stake ALGO.
- They will also be able to securely receive, store, and/or spend ALGO tokens on Frontier.
About Frontier and Algorand
Well-known in the DeFi space, Frontier’s main focus is to create a chain-agnostic DeFi-aggregator platform. One that will allow users to track, stake, swap, and explore the entire DeFi space via a single platform.
Interestingly, the platform is also currently building its blockchain (Frontier chain). Frontier currently supports protocols built on several top names in the cryptocurrency space. Some of them include Ethereum, TomoChain, Solana, Binance Chain, and Cosmos. The partnership indicates that they will now also support protocols built on the Algorand chain.
Algorand, on the other hand, is a remarkable blockchain. It is permissionless and makes use of the pure proof-of-stake (PPoS) consensus mechanism. Notably, it is forkless and has been touted as being highly suitable for designing next-gen financial products.
The Algorand Foundation also operates a 250 million ALGO tokens grant program for developers on its chain. The grant will be allocated to projects in the following categories: Applications and Use Cases, Education and Community, Development Tools and Infrastructure, and Research Proposals. Chainalysis, Eterna, Circle, Props, and RockX are all beneficiaries of the Algorand Foundation.
Crypto.com Syndicate added support for ALGO tokens last year.
At the time of publication, ALGO was trading at $0.555965 with a market cap of $445,446,784 and a 24-hour trading volume of $284,013,321.
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