Singapore, Singapore, October 22nd, 2024,
Chainwire
The Algorand Foundation recently published its
monthly Algo Insights Report,
reporting that in September the platform experienced a substantial
growth in user activity (as measured by Daily Active Users, or
DAU). The launch of Algorand Coinbase Learning Rewards in
mid-September proved to be a major catalyst for this growth,
driving DAUs to a peak of approximately 180,000 users and pushing
Monthly Active Users (MAUs) up nearly 34% from August.
Monthly Active Users (MAU)
Daily Active Users (DAU)
Background: In September, Algorand experienced
a surge in Monthly Active Users, up nearly 34%, hitting a yearly
high of 1,342,596. Daily Active Users also peaked at approximately
180,000 throughout the month. This represented a significant
increase from the pre-September levels of around 50,000 DAUs and
1,300,000 MAUs. Two factors have impacted the increase in daily and
monthly users.
- Launch of Coinbase Quests: The launch of
Coinbase Quests with Algorand this month drove the spike in DAU.
These quests provided Coinbase users with an opportunity to engage
with Algorand's platform and ecosystem.
- Increased exposure to Algorand's dApps: As
part of the Coinbase Quests, users could explore and interact with
various dApps built on Algorand. This exposure likely contributed
to the sustained increase in DAUs and MAUs, as different users
discovered the potential of Algorand's ecosystem.
The bigger picture: The sustained growth in MAU
throughout the year, coupled with the significant spike in DAU
during September, suggests that Algorand is providing real value to
users.
Other Updates from Algorand Foundation, ALGO, and the
Algorand Ecosystem
Algorand Blockchain September 2024
Metrics
MAUs refer to any wallet which sent at least 1 txn in the
month. Data Sources: Nodely DW, Defillam
The Algorand blockchain also saw an increase in Total Value
Locked (TVL in USD) over the month. The total stablecoin market
capitalization also increased again (in August, Algorand saw an impressive
28.5% increase in stablecoin value compared to July).
In a recent case study,
Algorand also reported that enterprise blockchain developers can
build products 600% faster on Algorand vs. Ethereum/EVM.
Alchemy Pay now supports ALGO, USDC, and
USDT on and off-ramps.
Cardano's developer organization, IOHK, and Hedera joined
Algorand and others as the final Founding Members of the
Decentralized Recovery Alliance.
Algorand Foundation also published new case studies - one
regarding blockchain and ESG, featuring Finboot; and another on
impact and payments, featuring HesabPay.
The Algorand Technical Council (ATC) shared updates with a
key focus on the progress of Staking Rewards. FNet, the consensus
incentives temporary development network, is also
live.
The Foundation launched regional hackathons in
France, Nigeria, and Vietnam following the success of the Global
Hackathon. Registrations can be made here for Vietnam, France, and Nigeria.
The Algorand Incubator
concluded after an 8-week journey, during which 14 start-ups grew
with the Foundation's mentorship.
Updates from the Algorand ecosystem:
- NFDomains launched V3.0.
- GoraBots launched NFT
staking.
- Travala's recent integration with
Skyscanner allows over 100 million monthly users to book hotels
with ALGO.
- EXA Markets partnered with CoinList
to bring a new EXA Rewards Campaign.
- Pact and Lofti joined the Circle
Alliance Program.
- Folks Finance's xChain Mainnet move is
live.
- Pera launched Discover V2.0.
- Lofty and CompX launched several
updates to improve user interface and functionality.
- ANote released multiple royalty
payouts throughout the month.
- Allo introduced transaction
charts.
About Algorand (ALGO)
Algorand (ALGO, ALGO-USD) is a cryptocurrency launched
in 2019 as part of the Algorand blockchain. The Algorand blockchain
is an energy-efficient, quantum-secure, single-layer blockchain
with instant finality, consistently high throughput, and low fees.
Designed by Turing Award-winning cryptographer Silvio Micali, it is
built for real-world scale. Algorand (ALGO) is currently trading on
more than 400 active markets under the tickers ALGO, ALGO-USD,
ALGO/USD, ALGO-EUR, and ALGO/EUR, among other currency pairs. It
has a limited, deflationary supply of 10,000,000,000 ALGO which
will be in full circulation by 2030. More information can be found
at algorand.co.
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press@algorand.foundation