Today, the Algorand blockchain platform announced the launch of the Algorand Virtual Machine (AVM), a Layer 1 protocol upgrade designed to improve the scalability of decentralized applications for developers and institutions.

In addition to these advancements, AVM will also provide programmatic tools for developers to write smart contracts in Python or Reach, a format similar to the Javascript multiparadigm website language.

Two weeks ago, ALGO presented its highly anticipated intelligent contract architecture with the implementation of Plutus-based scripts in the Alonzo hard fork. This is a notable advance in Algorand’s ambitious roadmap. However, ALGO cautiously insists that expectations must be reasonable and the platform still believes it is, despite its public launch more than two years ago on Project “.

Despite predictions of unexpectedly high utility, data from the Vercel app shows that Plutus has deployed only 27 intelligent contracts at writing.

Related: Here’s why Algorand’s price has just soared to new multi-year highs.

Owen Colegrove of Algofi, a decentralized banking platform built on top of Algorand, explained:

“Together with the existing high performance of ALGO, AVM enables scaling to a whole new level. Additionally, it was easy to iterate, streamline, and improve our product quickly, first with the credit log and other DeFi banking services. “

Earlier this month, the Algorand Foundation raised a $ 150 million fund.

Data from Cointelegraph Markets and TradingView show that ALGO’s native token (ALGO) is currently $ 2.13. So far, the above fund is worth nearly $ 320 million.