Real-world adoption is what really matters in determining whether or not a digital asset is successful. One blockchain project that has recently benefited from increased adoption is Algorand (SOMETHING), a protocol Pure Proof-of-Stake which aims to become the platform on which the global financial industry will be built.
The data says Cointelegraph Markets Pro e TradingView show that after hitting a bottom of $ 0.67 on July 20, the price of ALGO surged 268% to a high of $ 2.47 yesterday. The 24-hour volume also grew strongly, reaching a record $ 4.83 billion.
The price has since contracted, and is currently hovering around $ 2.
El Salvador builds on Algorand
This sudden interest in Algorand is probably related to the fact that The Savior, a nation in Central America that recently recognized Bitcoin as legal tender, has selected Algorand to develop their own blockchain infrastructure.
The Algorand network is slowly attracting the attention of governments and institutions thanks to the excellent work done on Central Bank Digital Currency. Additionally, the project was selected to host popular stablecoins such as USD Coin (USDC) e Tether (USDT).
El Salvador’s choice of Algorand is perhaps the most significant vote of confidence the project has received to date: this could lead to further large-scale adoption, as governments around the world will watch how the project proceeds. project.
NFT, DeFi and governance could attract new users
Another factor that is pushing the price of ALGO up is a recently announced initiative by the Algorand Foundation to involve the community more in the project.
Algorand is in fact about to introduce governance functionality for token holders: the launch of this new feature is scheduled for October 1st, and will give users a greater say in the future development of the platform.
The developers are also working on new DeFi and NFT applications, which could attract users interested in these sectors but held back by Ethereum’s slowness and exorbitant costs.
Related: Staking will eat Proof-of-Work for breakfast: here’s why
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