The HBAR Foundation has announced a $155 million Crypto Economy fund. The organisation aims to allocate the fund to different projects over the course of 2022. According to HBAR, the money will be used to develop the Hedera ecosystem and $60M will be allotted for DEX liquidity rewards.
HBAR to work on growing its network
According to the statement, Instead of the ‘Defi Fund’ which focuses on some specific application types, the crypto fund will work on two basic economic behaviors of production and consumption. However, the foundation has prioritized initiatives accelerating the growth of the network and crypto economy.
HBAR has located categories like build, use, trade, and invest within the crypto. The foundation looks to achieve better market fit by working on them.
The foundation will focus on specific goals for each category
- Build: Improving tools that Web3 founders need to build on Hedera
- Use: Increase usage of HBAR and its native tokens by integrating with new platforms
- Trade: Promote both the diversity and strength of markets built on Hedera
- Invest: prioritize Hedera “composability” that will enable Defi utility
Elaine Song, HBAR Foundation Director, said that Instead of focusing on specific DeFi apps, we’re focusing on the user experience. In a Twitter post, he wrote ‘Defi and crypto economy, same-same, but different.’
The release added that the network will work on increasing mainstream retail access and establishing yield generation opportunities.
HBAR prices rise by 5%
Meanwhile, the HBAR token has surged by around 5% in the last 24 hours. The coin is trading at an average price of $0.255, at the press time. Its 24-hour trading volume of $216,077,571 has also jumped by 64%. According to CoinMarketCap, HBAR is ranked at 33rd position among the largest cryptocurrencies with a total market cap of over $5 billion.
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