Aptos Foundation is once again taking steps to boost the development of its ecosystem, this time joining forces with Thala Labs to set up a $1 million fund focused on the creation of new DeFi protocols.
Called Thala Foundry, the two organizations hope to encourage developers to come up with “unique strategies and use cases powered by the Aptos L1 blockchain,” the two organizations said in a statement.
Thala Labs said it will raise The Thala Foundry up to $5 million as the protocols go live and grow in size. The fund expects this to result in the launch of more than five new DeFi protocols on Aptos.
“The Thala Foundry will provide up to $250,000 per project, ensuring support for projects of varying sizes and go-to-market strategies,” the statement said. “While the focus is on helping teams build and launch their products from scratch, Thala also looks forward to providing custom support to projects that may have more advanced MVPs.”
More than $20 million in grants
So far this year, the Aptos Foundation has announced more than $20 million in grants aimed at artists eager to develop projects using the Aptos blockchain.
Aptos is considered by some to be a developer-friendly programming language. It was originally created within Meta and is supported by Andreessen Horowitz.
Last year, Thala Labs raised $6 million to build on Aptos.