The Algorand Foundation announced a $10 M grant as a reward among teams that will study and speed up the work needed to provide EVM compatibility on Algorand.
With the upgrade, Algorand will support smart contracts written for Ethereum, thus opening up more DeFi opportunities and at the same time reducing costs on the network.
Algorand CEO Staci Warden mentioned that the multichain blockchain environment is important for further growth and that the community will benefit from the Algorand upgrade, as popular applications will become available on the protocol.
According to the announcement, research and developer teams will be expected to file applications till March 18, 2022. The aim of the protocol is to run Ethereum smart contracts directly on Algorand. Research teams can focus on various subjects such as ZK (zero-knowledge) rollups to find effective solutions for EVM interoperability.
Data from DeFi Llama show that the total value locked in smart contracts of Algorand stands at above $85 million. Algorand's native token ALGO currently trades at $09224.