Aptos Foundation and Thala Labs will launch a $1 million fund aimed at encouraging the creation of “Aptos-specific” DeFi protocols, The Block reports.
In the statement, it was stated that as the DeFi protocols planned to be created grow, the fund amount will be increased to 5 million dollars.
More than five new DeFi protocols are expected to be launched on Aptos as part of the launched fund.
Aptos said in a statement on his Twitter account:
“Thala Labs and Aptos Foundation are launching a new $1 million grant fund fueling an ecosystem-wide DeFi initiative.
We work together to nurture innovation and implement new projects and protocols.
The ecosystem-wide DeFi initiative comes with a new grant fund of $1 million, and plans are already in place to scale the grant funding to $5 million once the protocols launch.
A number of DeFi protocols such as Thala Labs, SushiSwap, Econşa Labs have chosen to integrate Aptos.
They know that integration into the Aptos network benefits from the speed, performance, scalability, reliability and interoperability and unique decentralization available only in Aptos.”
Aptos has raised more than $20 million in funding for those looking to develop projects using the blockchain. In addition, Thala Labs raised $6 million to develop Aptos last year.
Aptos (APT) price did not react significantly to this news. APT, which has decreased by 1.55% in the last 24 hours, is traded at $ 5.34 at the time of writing.
*This is not investment advice.