The world of cryptos is now home to a plethora of capable blockchains and protocols, which have been progressing at a remarkable rate. In an ocean of protocols a handful of them are rising towards prominence, whilst imprinting benchmark’s for budding platforms.
Algorand has rolled up its sleeve to retaliate against its rivals. The platform has been spreading its wings to emerging sectors. Whilst the makers have been striving with initiatives that could help the network level up its stance in the business. The recent launch of AlgoFi has helped Algorand pickup pace against market rivals.
Will DeFi Be Algorands Guardian Angel?
Algorand has engraved brighter numbers since its two years on mainnet. The past year has helped the network establish its roots deeper in the crypto town. Algorand has recorded 100s of applications, over 10,000 developers, and more than $15 Billion on chain assets. Other notable achievements include .4.8 M+ ASAs, 1.5 M+ average daily transactions, and 17 M+ accounts.
The protocol is at par with sustainability, Play-to-Earn gaming subsidiaries, and has been empowering the creator economy, alongside other initiatives. The recently launched Algofi, a decentralised lending protocol and stable coin built on Algorand. Has brought a whirl in the industry.
Successively, The initiative has helped the project’s TVL rise by 40%. The price of its native token ALGO price is also up by 5.2% since the past week. Algorand has also established a liquidity incentive program worth $3 million after launching Algofi.
Decipher a two-day gathering was home to the Algorand builders, and renowned personalities of the art world. The discussion revolved around modernization of art and ownership in the digital economy. The firm had previously teamed-up with Illustrated world series, in support of the next generation of creative sports.
Collectively, the sprouting number of projects has been overwhelming for the space. The collective effort of which would help the market cap of the industry claim the $10 Trillion in near future. The network spreading its wings to emerging sectors such as DeFi and NFTs could help ALGO price reclaim its all-time-high in near future.