Borderless Capital launches half billion dollar fund for Algorand projects

Capital venture firm Borderless Capital has launched a fund worth $500 million to support projects building on the Algorand blockchain. According to a Nov. 30 announcement from the Miami-based company, the Borderless ALGO Fund II will aim to back digital assets powering the “next generation” of decentralized applications (DApps) on Algorand. We are excited to announce the launch of our $500M Borderless ALGO Fund II!https://t.co/EP0U6Ib8HV pic.twitter.com/okXf6GBFo8— Borderless Capital (@borderless_cap) November 30, 2021The firm highlighted nonfungible token (NFT) and decentralized finance (DeFi) projects in particular, noting that it is looking at opportunities to “disrupt the creators economy” with NFTs while accelerating the growth of funding into Algorand’s DeFi ecosystem. The move from Borderless comes in the same week that former Citi executive Matt Zhang introduced Hivemind Capital Partners on Nov.29, a $1.5 billion multi-strategy fund focused on promising crypto plays such as infrastructure projects, virtual worlds and programmable money. As part of the announcement, it was also revealed that Hivemind’s first technology partner is Algorand.Algorand is an open-source decentralized blockchain that was launched in mid-2019 by computer scientist Silvio Micali. The blockchain was designed for speed, security and stability and has been touted as an Ethereum competitor amid ALGO’s surging growth in 2021. “Algorand is the most efficient next-generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption,” said Arul Murugan, the founding managing partner at Borderless Capital. The new $500 million fund adds to $400 million worth of Alogrand focused funds that Borderless Capital already manages. Earlier this month the firm closed a $10 million fund focused on PlanetWatch, a decentralized air quality monitoring network built on Algorand. Related: Algorand launches virtual machine to increase smart contract capabilitiesAccording to data from DeFi Llama, Algorand is currently ranked as the thirty-sixth largest blockchain in terms of total value locked (TVL) in DeFi at $97.4 million. The top project on the network is Yieldly (YLDY) which offers a suite of DeFi apps and has a total TVL of $68.4 million. Coingecko shows that the price of ALGO is up 470% over the past 12 months to sit at $1.86 at the time of writing. ALGO’s all-time high was more than two years ago, briefly topping $3.50 in June 2019 before sharply crashing below the $1 mark.

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Eth2 devs put out call to community to help test out the Merge

Ethereum (ETH) developers have put out a call to the community to help test the long awaited Merge between the Ethereum Mainnet and the proof-of-stake (PoS) based Beacon Chain. The Merge is a major milestone towards the transition to Eth2 as it will see the Ethereum network become a PoS blockchain, decreasing its energy consumption by 99%. On Nov. 29 Ethereum developer Marius van der Wijden announced a new program to get the community involved in Merge testing that caters to three tiers: non-technical users, developers with limited experience in blockchain and highly technical and experienced blockchain developers.Testing is the best way to contribute to #Ethereum. We are starting a new program to get the community involved in testing the merge. If you want to do your part in getting Ethereum to Proof of Stake as soon as possible and save the environment, #dm me pic.twitter.com/WIxpRBIDPB— MariusVanDerWijden (@vdWijden) November 29, 2021For non-technical users the self-guided program provides them tasks such as setting up consensus layer clients, reporting failures and sending transactions. For technical users, they can select objectives such as running their own validators, deploying and testing contracts and setting up their own testnets, while highly technically users can review the spec, propose invalid blocks and splittin the network by voting on invalid blocks. The program calls on all participants to document as much of their work as possible and share it online under the “TestingTheMerge” hashtag on Twitter. Wijden has also pointed the community towards the Ethereum R&D discord channel to maintain communication throughout the testing program. #TestingTheMerge https://t.co/CYoRX0vfGN— smallfish (@S_Rank_lvl) November 29, 2021

“The program is not compensated, but if you find a critical bug (consensus issue/panic), I’ll buy you a beverage of your choice at the next DevCon!” Wijden teased in the program outline.Related: Even with Ethereum 2.0 underway, L2 scaling is still key to DeFi’s futureAccording to the Eth2 page on Ethereum.org, The Merge with the Beacon Chain is set to officially complete by Q1 or Q2 of 2022. The Merge is seen as the final chapter in the blockchain’s evolution to PoS consensus, however there is still more work to do before the transition to ETH 2.0 and sharding is complete. The final piece of the puzzle is the Shard chains upgrade slated for late 2022 (AKA ‘sharding’), which will see the network’s load spread across 64 new chains to help the network scale its capabilities in a decentralized manner, with the aim of ramping up transactions per second and bringing down gas fees in the process.

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