{"id":32307,"date":"2023-11-10T19:53:00","date_gmt":"2023-11-10T23:53:00","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32307"},"modified":"2023-11-10T19:53:00","modified_gmt":"2023-11-10T23:53:00","slug":"algorand-algo-nft-rewards-skyrocket-transactions-surge-320-in-q3","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/10\/algorand-algo-nft-rewards-skyrocket-transactions-surge-320-in-q3\/","title":{"rendered":"Algorand (ALGO) NFT Rewards Skyrocket: Transactions Surge 320% In Q3"},"content":{"rendered":"

Algorand (ALGO), a smart contract platform <\/a>employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported<\/a> by Messari.\u00a0<\/p>\n

Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.<\/p>\n

Algorand Witnesses Surge In Transaction Volume In Q3<\/h2>\n

Per the report, the non-fungible token <\/a>(NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter.\u00a0<\/p>\n

This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.<\/p>\n

Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses<\/a> and witnessing a 2% increase in total daily average transactions compared to the previous quarter.\u00a0<\/p>\n

However, Algorand\u2019s total stablecoin market<\/a> cap faced a decline of 58% in Q3, largely attributed to the decreasing market caps of stablecoins on the platform. Despite this, USDC (USD Coin) surpassed USDT (Tether), accounting for 76% of the stablecoin market cap.<\/p>\n

In the decentralized finance<\/a> (DeFi) space, Algofi, Algorand\u2019s largest DeFi protocol by Total Value Locked (TVL), began winding down operations in July.\u00a0<\/p>\n

As a result, Folks Finance emerged as the dominant DeFi protocol on Algorand, capturing 55% of the DeFi TVL in Q3. Algorand\u2019s quarterly revenue, including fees collected by the protocol, grew by 25% in ALGO terms; however, it declined by 23% in USD terms due to the daily average ALGO price.<\/p>\n

Algorand\u2019s governance participation experienced a decline of 8% in Q3, accounting for 30% of the circulating supply. The platform\u2019s network upgrade in Q3 allowed for increased throughput, lower blocktime, and support for quantum-secure interoperability via State Proofs.<\/p>\n

Looking ahead, Algorand has announced plans to launch AlgoKit 2.0, a developer-focused tooling that aims to simplify the developer experience. It also intends to shift its network topology to a peer-to-peer design and transition to an incentivized consensus economic model in 2024.<\/p>\n

ALGO Struggles To Break Key Resistance<\/h2>\n

Regarding price action, ALGO<\/a>, currently ranked 53rd among the largest cryptocurrencies in the market, has faced challenges amid the recent bullish surge in most cryptocurrencies.\u00a0<\/p>\n

The token is currently trading at $0.1217, experiencing a decline of over 7% in the past 24 hours. Despite this retracement, ALGO has shown impressive gains across other time frames.<\/p>\n

Over 7 and 14 days, ALGO has recorded significant gains of 10% and 21%, respectively. The best performance was seen in the 30 days, with a surge of 28%.\u00a0<\/p>\n

However, ALGO has faced a year-to-date decline of over 62%, in contrast to most of the crypto market, where major cryptocurrencies have nearly doubled in value since the end of the crypto winter.<\/p>\n

Moreover, ALGO has struggled to surpass its 200-day moving average (MA), a significant resistance level. This has resulted in the recent pullback, preventing the token from reaching levels not seen since July, where it reached $0.1364.<\/p>\n

The future trajectory of ALGO remains uncertain. It will depend on continued developments and growth in its ecosystem to propel the token towards its yearly high of $0.2898, reached in February. Alternatively, ALGO may consolidate below its moving averages.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Algorand (ALGO), a smart contract platform <\/a>employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported<\/a> by Messari.\u00a0<\/p>\n

Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.<\/p>\n

Algorand Witnesses Surge In Transaction Volume In Q3<\/h2>\n

Per the report, the non-fungible token <\/a>(NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter.\u00a0<\/p>\n

This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.<\/p>\n

Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses<\/a> and witnessing a 2% increase in total daily average transactions compared to the previous quarter.\u00a0<\/p>\n

However, Algorand\u2019s total stablecoin market<\/a> cap faced a decline of 58% in Q3, largely attributed to the decreasing market caps of stablecoins on the platform. Despite this, USDC (USD Coin) surpassed USDT (Tether), accounting for 76% of the stablecoin market cap.<\/p>\n

In the decentralized finance<\/a> (DeFi) space, Algofi, Algorand\u2019s largest DeFi protocol by Total Value Locked (TVL), began winding down operations in July.\u00a0<\/p>\n

As a result, Folks Finance emerged as the dominant DeFi protocol on Algorand, capturing 55% of the DeFi TVL in Q3. Algorand\u2019s quarterly revenue, including fees collected by the protocol, grew by 25% in ALGO terms; however, it declined by 23% in USD terms due to the daily average ALGO price.<\/p>\n

Algorand\u2019s governance participation experienced a decline of 8% in Q3, accounting for 30% of the circulating supply. The platform\u2019s network upgrade in Q3 allowed for increased throughput, lower blocktime, and support for quantum-secure interoperability via State Proofs.<\/p>\n

Looking ahead, Algorand has announced plans to launch AlgoKit 2.0, a developer-focused tooling that aims to simplify the developer experience. It also intends to shift its network topology to a peer-to-peer design and transition to an incentivized consensus economic model in 2024.<\/p>\n

ALGO Struggles To Break Key Resistance<\/h2>\n

Regarding price action, ALGO<\/a>, currently ranked 53rd among the largest cryptocurrencies in the market, has faced challenges amid the recent bullish surge in most cryptocurrencies.\u00a0<\/p>\n

The token is currently trading at $0.1217, experiencing a decline of over 7% in the past 24 hours. Despite this retracement, ALGO has shown impressive gains across other time frames.<\/p>\n

Over 7 and 14 days, ALGO has recorded significant gains of 10% and 21%, respectively. The best performance was seen in the 30 days, with a surge of 28%.\u00a0<\/p>\n

However, ALGO has faced a year-to-date decline of over 62%, in contrast to most of the crypto market, where major cryptocurrencies have nearly doubled in value since the end of the crypto winter.<\/p>\n

Moreover, ALGO has struggled to surpass its 200-day moving average (MA), a significant resistance level. This has resulted in the recent pullback, preventing the token from reaching levels not seen since July, where it reached $0.1364.<\/p>\n

The future trajectory of ALGO remains uncertain. It will depend on continued developments and growth in its ecosystem to propel the token towards its yearly high of $0.2898, reached in February. Alternatively, ALGO may consolidate below its moving averages.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

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