DWF Labs Invests $50 Million ALGO Tokens Into Algorand Through New Partnership
- DWF Labs and Algorand Foundation have partnered to support the development of the Algorand blockchain ecosystem with a $50 million token purchase agreement.
- The partnership also includes allocating funds towards projects in various fields such as DeFi, art and music, games, oracles and bridging, infrastructure, and more.
- The network previously announced a protocol change that will increase network performance by up to 10%.
DWF Labs, a Web3 investment company, announced a partnership with the Algorand Foundation to support the health and development of the ecosystem based on the Algorand blockchain.
The first component of the partnership involves a $50 million ALGO tokens purchase agreement, in part to provide liquidity to the ecosystem.
In addition, the two parties signed a memorandum of understanding to allocate funds to support projects built on the Algorand blockchain in the fields of DeFi, art and music, games, oracles and bridging, infrastructure, and more.
Andrei Grachev, Managing Partner of DWF Labs, is enthusiastic about the collaboration and its potential to drive blockchain innovation and pledges to actively participate in the building of the Algorand ecosystem.
“We selected Algorand because of its unparalleled level of technology and security among permissionless DLTs, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure provides the speed and instant finality required for creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible manner. This partnership with the Algorand Foundation is another important step in the maturation and growth of innovation in this space,” said Grachev.
Algorand just announced a substantial protocol change that is anticipated to increase network performance. Changes to the consensus method, block size, and block time are included in the update, leading to speedier transactions and cheaper costs.
It will speed up the network by up to 10%, allowing for more transactions per second. These modifications will greatly increase transaction throughput, making it simpler for users to send and receive payments over the platform.
ALGO, the token of the ecosystem, also has had strong growth, more than 23%, in the past seven days.
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