CoinDesk reported that Algorand has announced a $20 million funding initiative to enhance its ecosystem, with $10 million earmarked for developers working on Ethereum Virtual Machine (EVM) compatibility. This move aims to attract app developers by enabling Ethereum-based applications to execute on Algorand. The remaining $10 million will fund projects developing robust developer tools, such as compilers and debuggers, to simplify building on Algorand. Algorand Foundation CEO Staci Warden emphasized the blockchain’s commitment to a multichain world and highlighted Algorand’s ability to execute up to 10,000 transactions per second at a low cost. The foundation is also developing "state proof" technology to enhance transaction efficiency. This initiative is part of Algorand’s strategy to become a leading layer 1 blockchain for financial inclusion.
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