HBAR Foundation Launches $155m Crypto Economy Fund To Drive DeFi
TECHDIGEST – The HBAR Foundation, an organization that fuels the development of the Hedera ecosystem by providing grants and other resources, launches $155Million Crypto Economy Fund to bootstrap Hedera Hashgraph’s Decentralized finance (DeFi) ecosystem.
The Crypto Economy Fund is focused on increasing accessibility into and within the Hedera Network while accelerating the growth of the HBAR Economy.The Fund expects to allocate up to $60 million in grants to DEXes which may be used as liquidity rewards, furthering the development of the decentralized Hedera ecosystem.
In addition to establishing Hedera’s commitment to DeFi, accessibility via mobile and credit card options will remain a priority. A major recipient of the Crypto Economy Fund grant is Stader Labs, a liquid staking project that allows users to stake the native Hedera token (HBAR) and receive liquid HBARX tokens in return.
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Liquid staking enables staked assets to be used as collateral for lending, yield farming, and other DeFi opportunities while allowing users to continue accruing staking rewards and securing the protocol. With the Crypto Economy Fund ’s support, Stader will accelerate its mission to create a more secure decentralized staking infrastructure that evolves the Proof-of-Stake (PoS) paradigm.
Amitej Gajjala, CEO of Stader Labs, said: “We’re thrilled to be expanding to Hedera. With its carbon negative, low-cost environment, and secure finality, the network is perfectly primed for DeFi expansion.”
Hedera Hashgraph is already home to over 500 blockchain projects, with over a dozen focusing primarily on decentralized finance solutions.These include Sagewise, a smart contract software development kit; Hearo.gm, a decentralized, global music marketplace; Cryptotask, a decentralized freelancer marketplace; and others.
Furthermore, Hedera’s recent Smart Contracts 2.0 launch introduced Ethereum Virtual Machine (EVM) compatibility and support for Solidity developers, enabling new opportunities for programmable digital assets on Hedera. The upgraded smart contracts have also made transactions 13x faster on the Hedera mainnet when compared to Ethereum.
