Fund HBAR announced a $155 million development fund designed to expand network use Hedera (HBAR) in DeFi applications.
According to the fund’s announcement, the new fund, called Crypto Economy Fund, will focus on “improving accessibility on and within the Hedera network”, as well as accelerating the growth of the broader HBAR economy.
“In addition to creating revenue opportunities, fiat payments via mobile devices and credit cards will remain a priority,” the emailed message said.
He added that $60 million of the fund’s capital will go toward rewarding the decentralized liquidity exchange, which the team hopes will fuel the development of DeFi protocols on the network.
The first recipient of a grant from the new fund was Stader Labs, a project working on the so-called liquid staking of the Hedera token.
Liquid staking allows users to stake assets in exchange for rewards and at the same time use that asset as collateral for other opportunities in the DeFi world.
Stader reached $820 million in total fixed cost (TVL) and connected more than 30,000 users in just ten weeks after launching its project in November 2021, the foundation said.
Formerly known as Hedera Hashgraph, Hedera is a decentralized public network where developers can build applications with “near real-time consensus”.
At 12:49 UTC, HBAR was ranked 38th by market capitalization (according to Coingecko), trading at around $0.248 and up nearly 1% on the day and 17% on the week. The price has decreased by 28% in a year.
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(Updated at 13:53 UTC to clarify that the announcement was made by the HBAR Foundation, not Hedera.)