The Foundation kicks off the 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 on a mission 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 the vibrant
ecosystem. From global finance and supply chain to real estate and
humanitarian aid, Algorand 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 for our protocol and ecosystem.
![Algorand is the #3 blockchain ranked by number of transactions in Q1 2024. Algorand is the #3 blockchain ranked by number of transactions in Q1 2024.](https://mma.prnewswire.com/media/2450244/Algorand_Foundation_transaction_Q1.jpg)
"The energy at Decipher was contagious! We're amazed by the
creativity and technical prowess of our community and all of the
innovative products they've built on Algorand," said Staci Warden, CEO of the Algorand Foundation.
"They're bringing the blockchain to life, and we encourage them to
channel that enthusiasm into building and scaling their dreams. And
we promise to keep 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 characteristics mean it is purpose-built for
real-world scale; and developers, entrepreneurs, and enterprise
partners all benefit from its institutional-grade certainty and
resilience.
Ecosystem momentum
The Algorand blockchain hit two billion successful transactions
since inception in June 2019. In Q1
2024 alone, it ranked among the top 3 most popular blockchains by
transaction volume.
Other notable statistics:
- 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 achieved a
record of 5,716 transactions per second (TPS) , ranking among the
top 3 blockchains by max recorded TPS. [2]
- In Q1, the Algorand blockchain processed 403 million
transactions, a 288% increase from Q4 2023.
- In the first quarter, Algorand gained 1 million new
accounts, bringing the total to 35 million, with an average of
800k monthly active users. [1]
- Algorand concluded the first quarter of 2024 with a
DeFi
TVL of 1 billion ALGOs and has been maintaining this level
throughout subsequent months. [3]
To improve access to real-time data and insights about the
Algorand blockchain, the Foundation is partnering with data
analytics provider Nansen, and 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
Following key initiatives were announced at the event:
- Global fintech and web3 companies including Algorand
Foundation, UNDP, Worldpay, Circle,
HesabPay, Mercy Corps Ventures and others, unite to
increase blockchain-based cash assistance for humanitarian
crises.
- Archax makes abrdn money market fund accessible and
transferable on Algorand blockchain using Quantoz EURD
electronic money token.
- 123carbon secured a 135.000t CO2e contract, one of
the largest issuance of Transport related insets in the world, all
registered 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 switched to Algorand to power its supply
chain traceability solution due to Algorand's scalability and
energy efficiency.
- Kare Survivor Wallet will deliver rapid
financial assistance to disaster survivors across the United States as part of the American
Response and Resiliency Program, launched with the National VOAD
and DSC, SVDP-USA.
- Circle's USDCa stablecoin on Algorand is now available through
Coinbase.
Ecosystem companies are thriving, from AI and identity to
DeFi
and NFTs:
- Pera and Immersve announced a partnership to
bring non-custodial debit card options to Algorand users.
- Folks Finance announced the upcoming launch xChain,
an application that will operate cross-chain and xALGO Liquid
staking products, which allow users to participate in Algorand
consensus and accrue rewards seamlessly and securely.
- Algorand is also now home to Dised, a blockchain-based
AI marketplace that makes exchanging AI services, products and data
more transparent.
- CompX announced a further push into RWA by
integrating with Lofty to bring the benefits of auto-compounding
and yield optimization to more users on-chain.
- Tinyman, the top DEX on Algorand by 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, growing the exposure
and presence of Algorand DeFi. This initiative is backed by
Pact, Meld Gold, and CompX.
- Vestige Labs is launching rug.ninja, a decentralized token creator and virtual DEX for
fair meme coin creation and trading.
- Meld Gold announced a trust-minimized audit system,
a world-first that verifiably connects physical items to the
blockchain, the final frontier in bringing physical RWAs
trustlessly on-chain.
- Gora and Goanna have partnered to create a
pioneering nftFi project on Algorand, a collection with innovative
utility for Gora and Algorand users. Website and project are live,
with the launch event coming in July.
- EXA Market is launching a Rewards Program on
Coinlist in August, leading up to their Token launch in Q4.
- Cosmic Champs will launch on Mainnet and Google
Play in August. Building for more than 2 years, their goal is to
onboard thousands of Web2 users to Algorand.
- Recently listed on Steam, Fracctal will also be
listed on Epic Game Store to onboard thousands of new users to
Algorand Gaming.
- Aegir Tactics is going into closed beta on
July 23 with a website update, a
gameplay video, and Founders Vaults (NFT card packs). Currently on
the Epic Game Store, Aegir Tactics can be wishlisted.
- Dead Chain Diaries joins Algorand's NFT collection,
as the first-ever inscription sets, featuring creators from across
the #Algofam.
- Rxelms is a new NFT-based, cross-chain virtual
world launched this year on Algorand, using the best-in-class Unity
gaming engine.
- NUVO launched on Algorand and specializes 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 any size build their dreams in the most
efficient way possible.
DeFi
Algorand's instant finality, high TPS capacity and speed are
critical for the high-frequency trading that DeFi requires. With
fast-growing TVL and strong backing from the Foundation, Algorand
leads 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 option vaults, and Tinyman and Pact's
liquid governance DEX trading. Following positive results and
feedback, the Foundation will double down and boost liquidity to
grow the DeFi ecosystem.
New Developer Tools:
- LiquidAuth, an open-source package to demonstrate how to
establish P2P Authenticated communication between wallets and
applications using only open standards and non-permissive
protocols.
- did:algo, W3C compliant DID Method leveraging Algorand's
box storage, a more robust digital identity offering for
applications in Algorand.
- Lora visual debugger, a local developer explorer powered
by the new subscriber library for tracking on-chain events and
analyzing on-chain resources. It completes the trio of components
in AlgoKit needed for easier development: an sdk/for building, a
python testing framework, and a visual interface to debug and
understand what happens both in your smart contracts and
on-chain.
About Algorand Foundation
Algorand's mission is
to power a world where information has integrity and innovative
ideas can scale. The Algorand Foundation supports Algorand's
rapidly growing ecosystem by providing a best-in-class developer
environment, supporting key infrastructure and setting technical
standards, offering comprehensive support to builders and
entrepreneurs, and providing the 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 that benefit from institutional-grade certainty and
resilience, while features like low fees, instant finality, and a
minimal carbon footprint also appeal to the protocol's millions of
retail users. Builders of all kinds can use common programming
languages like Python to develop advanced apps and protocols that
solve important problems at a global scale: instant payments in war
and disaster zones, self-sovereign identity for the
disenfranchised, supply-chain traceability for global commerce,
permissionless protocols addressing financial inclusion, and the
creation of entirely new markets through tokenization, to name a
few. To learn more and start your journey on Algorand, visit
algorand.co
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SOURCE Algorand Foundation