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Algorand DeFi Ecosystem receives a Frontier boost

Algorand DeFi Ecosystem receives a Frontier boost

Frontier, a chain-agnostic DeFi aggregation layer, has recently received a significant grant from the Algorand Foundation. Frontier will use the grant to add support for the Algorand blockchain and protocols built on top of it in the Frontier application.

Regarding the grant, Ravindra Kumar, CEO of Frontier, said:

“We are excited to be working together with Algorand Foundation in building a true borderless economy for everyone. Frontier as user faced product will simplify user on-boarding and interaction with dApps built on top of Algorand Blockchain.”

Algorand Foundation CEO, Sean Lee, added:

“We are delighted to announce our partnership with Frontier today. Friction exists in DeFi today and through this partnership, Frontier will support the DeFi ecosystem on Algorand, improving the user experience by enabling users to monitor and manage their DeFi portfolio from one application.”

What is Frontier?

Frontier's main aim is to build a chain-agnostic DeFi Aggregator mobile-first product. By using their app, users can track and manage DeFi applications, stake assets, swap or exchange assets and explore the DeFi space in one single platform.

Frontier is also building Frontier chain, a Decentralized Key Management blockchain based on Cosmos SDK. Prior to this, Frontier supported protocols built on Ethereum, Binance Chain, Solana, TomoChain, and Cosmos. Following this grant, they will be supporting the Algorand ecosystem, as well.

Following this partnership, users will be able to:

  • Store, spend, and receive ALGO tokens safely and securely with Frontier.
  • Stake ALGO using Frontier.
  • Connect the Trust Wallet with the Frontier interface to track and stake AGLO tokens.

What is the Algorand Grants Program?

The Algorand Foundation launched a 250 million ALGO Grants program to encourage developer activity on its blockchain. Algorand's vision is to build a borderless, frictionless economy on a public, decentralized blockchain. As such, they believe that this grants program will help foster an ecosystem that does exactly that. The size of the grant given to a project is directly related to its complexity, importance, and need in the market

The grant will be primarily allocated to developers and projects across these categories – Research Proposals, Development Tools & Infrastructure, Applications & Use Cases, and Education & Community. Frontier joins Circle, Props, Bloq, Chainalysis, Eterna, RockX as beneficiaries of this program.

What is Algorand?

The brainchild of Turing award winner Silvio Micali, Algorand is a first-of-its-kind open-source, permissionless blockchain system. It uses a pure proof-of-stake (PPoS) blockchain that is forkless and ideal for creating next-gen financial products. With constant technological innovation and an ever-expanding list of high-value partners, Algorand has quickly positioned itself as one of the most alluring DeFi platforms in the space.

Disclaimer: This article is provided for informational purposed only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.