Aptos Foundation is once again making moves to spur development of its ecosystem, this time by joining forces with Thala Labs in order to create a $1 million fund geared towards the creation of new DeFi protocols.

Dubbed the Thala Foundry, the two organizations are hoping to incentivize 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 that it will boost The Thala Foundry to $5 million as protocols go live and grow in size. The fund anticipates it will result in the launch of more than five new DeFi protocols on Aptos.

“The Thala Foundry will offer up to $250,000 per project, ensuring support for projects of various sizes and go-to-market strategies,” the statement said. “While the …