Algorand Celebrates 5th Anniversary with 2 Billion Transactions and Record Adoption of Real Use Cases at Annual Decipher Conference

Foundation Launches Summer of Algorand with Investments in Technology, Partnerships and Marketing to Fuel Innovation at Scale

BARCELONA, Spain, June 28, 2024 /PRNewswire/ — The Algorand Foundation, a nonprofit organization whose mission is to power a world where information has integrity and innovative ideas can scale, hosted its annual Decipher event, a gathering of hundreds of investors, developers, and partners from around the world to celebrate this vibrant ecosystem. From global finance and supply chain to real estate and humanitarian aid, Algorand’s blockchain technology is powering the next generation of real-world applications. Showcasing the refreshed brand, the new website at Algorand.co is the central hub of our protocol and ecosystem.

Algorand is the #3 blockchain ranked by number of transactions in Q1 2024.

“The energy at Decipher is contagious! We are impressed by the creativity and technical prowess of our community and all the innovative products they have created on Algorand,” said Staci Warden, CEO of the Algorand Foundation. “They are bringing blockchain to life and we encourage them to channel that enthusiasm into building and scaling their dreams. And we promise to continue investing in the resources they need to succeed. »

Algorand is an energy-efficient, quantum-secure, single-layer blockchain with instant finality, consistently high throughput, and low fees. All of these features mean it’s purpose-built for real-world scaling; and developers, entrepreneurs, and enterprise partners all benefit from its institutional-grade certainty and resilience.

Ecosystem dynamics

The Algorand blockchain has reached two billion successful transactions since its inception in June 2019. In the first quarter of 2024 alone, it ranked among the top 3 most popular blockchains in terms of transaction volume.

Other notable stats:

• On January 1, 2024, Algorand reached an ATH of 43 million transactions in a single day and the network performed flawlessly. [1]
• On May 17, 2024, it reached a record 5,716 transactions per second (TPS), ranking among the top 3 blockchains in terms of maximum recorded TPS. [2]
• In the first quarter, the Algorand blockchain processed 403 million transactions, an increase of 288% compared to the fourth quarter of 2023.
• In the first quarter, Algorand gained 1 million new accounts, bringing the total to 35 million, with an average of 800,000 monthly active users. [1]
• Algorand concluded the first quarter of 2024 with a DeFi TVL of 1 billion ALGO and maintained this level throughout the following months. [3]

To improve access to real-time data and information on the Algorand blockchain, the Foundation is partnering with data analytics provider Nansenand expects the first dashboards to go live this summer.

Data Source References

[1] https://metrics.allo.info/
[2] https://chainspect.app/dashboard
[3] https://defillama.com/chain/Algorand?currency=ALGO

The following key initiatives were announced at the event:

• Global fintech and Web3 companies including Algorand Foundation, UNDP, Worldpay, Circle, HesabPay, Mercy Corps Enterprises and others are joining forces to scale up blockchain-based cash assistance in humanitarian crises.
• Archax creates abrdn money market fund accessible and transferable on the Algorand blockchain using Quantoz EURD electronic money token.
• 123carbon has secured a contract for 135,000 t of CO2e, one of the largest transport-related insert emissions in the world, all recorded on the Algorand blockchain.
• LabTrace completed the first study using its blockchain-based data authentication system, designed to ensure data integrity in clinical trials.
• Finboot passed to Algorand to power its supply chain traceability solution with the scalability and energy efficiency of Algorand.
• Kare Survivor Wallet will provide rapid financial assistance to disaster survivors across the United States as part of the American Response and Resilience Program, launched with National VOAD and DSC, SVDP-USA.
• Circle USDCa the stablecoin on Algorand is now available via Coinbase.

Ecosystem companies are thriving, from AI and identity to DeFi and NFTs:

• Pear And Immerse announced a partnership to offer non-custodial debit card options to Algorand users.
• Popular Finance announced the upcoming launch of xChain, an application that will leverage the cross-chain staking products and xALGO Liquid, which allow users to participate in Algorand consensus and accumulate rewards in a transparent and secure manner.
• Algorand now also houses Helpless, a blockchain-based AI marketplace that makes the exchange of AI services, products and data more transparent.
• CompX announced a new advancement in RWA by integrating with Lofty to bring the benefits of auto-composition and yield optimization to more users on the chain.
• Little manthe leading DEX on Algorand in terms of TVL, volume and active users, announced that its TINY token and governance platform will launch in July.
• Messina launched Token Wars and cross-chain community building, increasing Algorand DeFi exposure and presence. This initiative is supported by Pact, Melt the goldAnd CompX.
• Remains laboratories launches rug.ninja, a decentralized token creator and virtual DEX for the fair creation and exchange of coins.
• Mixing the gold announced a world-first trust-minimized audit system that verifiably connects physical items to the blockchain, the final frontier for bringing physical RWAs confidently onto the chain.
• Gora And Goanna have teamed up to create a pioneering nftFi project on Algorand, a collection with innovative utility for Gora and Algorand users. The website and project are live, with the launch event taking place in July.
• EXA Market launched a rewards program on Coinlist in August, leading to the launch of its token in Q4.
• The Cosmic Champions will be launched on Mainnet and Google Play in August. Built for over 2 years, their goal is to onboard thousands of Web2 users to Algorand.
• Recently listed on Steam, Fractal will also be listed on the Epic Game Store to onboard thousands of new users to Algorand Gaming.
• Aegir Tactics enters closed beta on July 23 with a website update, gameplay video, and Founders Vaults (NFT card packs). Currently on the Epic Game Store, Aegir Tactics can be wishlisted.
• Dead Channel Logs joins Algorand’s NFT collection, as its first-ever listing set, featuring creators from across the #Algofam.
• Rxelms is a new cross-chain NFT-based virtual world launching this year on Algorand, using the best-in-class Unity game engine.
• NUVO launched on Algorand and specialized in decentralized verifiable credentials to better protect data privacy.

Public goods

The Foundation’s public goods initiative focuses on DeFi and tools that help builders of all sizes realize their dreams in the most efficient way possible.

Challenge

Algorand’s instant finality, high TPS capacity, and speed are essential for the high-frequency trading required by DeFi. With a rapidly growing TVL and strong Foundation support, Algorand is leading the way as a robust and scalable DeFi platform.

The Foundation uses Algorand’s DeFi ecosystem to manage its own treasury. It has deployed 42 million ALGOs across various protocols to support things like AlgoRai, decentralized options vaults, and liquid governance DEX trading from Tinyman and Pact. Following positive results and feedback, the Foundation will double its efforts and increase liquidity to grow the DeFi ecosystem.

New development tools:

• LiquidAuth, an open source package to demonstrate how to establish authenticated P2P communication between wallets and applications using only open standards and non-permissive protocols.
• fact: algo, W3C-compliant DID method leveraging Algorand’s boxed storage, a more robust digital identity offering for Algorand applications.
• Lora Visual Debugger, a local developer explorer powered by the new Subscriber Library to track on-chain events and analyze on-chain assets. It completes AlgoKit’s trio of components needed for easier development: an sdk/for build, a python testing framework, and a visual interface for debugging and understanding what’s happening both in your smart contracts and on-chain.

About the Algorand Foundation
Algorand’s mission is to power a world where information has integrity and innovative ideas can evolve. The Algorand Foundation supports the fast-growing Algorand ecosystem by providing a best-in-class development environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and contractors, and providing infrastructure for decentralized governance.

Founded by Turing Award-winning cryptographer Silvio Micali in 2019, Algorand has grown into a vibrant ecosystem of developers, entrepreneurs, and enterprise partners who benefit from institutional-grade certainty and resilience, while features like low fees, instant finality, and minimal carbon footprint also appeal to the protocol’s millions of retail users. Developers of all kinds can use common programming languages ​​like Python to build advanced applications and protocols that solve important problems on a global scale: instant payments in war and disaster zones, self-sovereign identity for the underprivileged, supply chain traceability for global trade, permissionless protocols addressing financial inclusion, and creating entirely new markets through tokenization, to name a few. To learn more and start your Algorand journey, visit algorand.co

SOURCE Algorand Foundation

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