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

Foundation Kicks Off Algorand Summer 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 create 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 nerve center of our protocol and our ecosystem.

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

“The energy at Decipher is contagious! We are in awe of the creativity and technical prowess of our community and all the innovative products they have built 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 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 reached a record high of 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 Q1 2024 with a DeFi TVL of 1 billion ALGO and maintained this level in 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 main 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 financial aid for humanitarian crises.
• Archax creates abrdn money market fund accessible and transferable on the Algorand blockchain using Quantoz EURD electronic money token.
• 123carbon has been awarded 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 moved 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 Algorand’s stablecoin is now available via Coinbase.

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

• Pear And Immersion announced a partnership to bring non-custodial debit card options to Algorand users.
• Popular Finances 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, has announced that its TINY token and governance platform will launch in July.
• Messina launched Token Wars and the creation of a cross-chain community, increasing the exposure and presence of Algorand DeFi. This initiative is supported by Pact, Mixing the goldAnd CompX.
• Vestige Laboratories launches rug.ninja, a decentralized token creator and virtual DEX for the fair creation and exchange of meme 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 trustlessly on-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 scheduled for July.
• EXA Market is launching a rewards program on Coinlist in August, ahead of its token launch in Q4.
• The Cosmic Champions will be launched on Mainnet and Google Play in August. Created over 2 years ago, their goal is to integrate thousands of Web2 users into Algorand.
• Recently listed on Steam, Fractals will also be listed on the Epic Game Store to onboard thousands of new users to Algorand Gaming.
• Aegir Tactics will enter closed beta on July 23 with a website update, gameplay video, and Founders Vaults (NFT card packs). Currently available on the Epic Game Store, Aegir Tactics can be wishlisted.
• Dead Chain Diaries joins Algorand’s NFT collection, as the 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 the Algorand DeFi ecosystem to manage its own treasury. It has deployed 42 million ALGO across various protocols to support things like AlgoRai, decentralized options vaults, and Tinyman and Pact’s liquid governance DEX trading. Following the positive results and feedback, the Foundation will redouble 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.
• did:something, W3C-compliant DID method leveraging Algorand’s boxed storage, a more robust digital identity offering for Algorand applications.
• Lora Visual Debuggera local developer explorer powered by the new Subscriber Library to track on-chain events and analyze on-chain resources. It completes the trio of AlgoKit components needed for easier development: an SDK/for building, a Python testing framework, and a visual interface to debug and understand what’s happening both in your smart contracts and on-chain.

About the Algorand Foundation
Algorand’s mission is to create a world where information has integrity and innovative ideas can thrive. The Algorand Foundation supports Algorand’s growing ecosystem by providing a world-class development environment, supporting key infrastructure and establishing technical standards, providing comprehensive support to builders and entrepreneurs, and providing the infrastructure needed 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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