Algorand celebrates 5th anniversary with 2 billion transactions and record adoption of real-world use cases at annual Decipher conference

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Jun 28, 2024, 03:00 ET

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.

"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

SOURCE Algorand Foundation