- Since the turn of the year, about 6 million new accounts have been created on the Algorand blockchain network as excitement over its future grows.
- However, its price has failed to keep up and since January, it had dipped by 60 percent as analysts predict a comeback is on the pipeline.
Ethereum’s failures have provided the perfect opportunity for the growth of other Layer 1 blockchain protocols, and one that has seen very aggressive growth is Algorand. This year alone, the L1 blockchain project has recorded six million new accounts. However, its price has failed to reflect this growth and has dipped by 60 percent since the year began.
According to data from AlgoExplorer, on the first day of the year, there were 17.3 million accounts on the Algorand network. At press time, there are over 23.5 million accounts, a 35 percent increase in just two and a half months.
However, even as the number of Algorand fans surges, its price hasn’t reflected this growth. At the turn of the year, ALGO was trading at $1.822, coming off a rally that had seen it hit $2.38 in mid-December. At press time, the crypto is changing hands at $0.73, down 4.46 in the past day.
However, even more significantly, it’s down by nearly 60 percent since the year began.
The rise in Algorand accounts is not a surprise, given the spate of developments on the already massively performing blockchain. On March 2, the network announced the expansion of its smart contract functionality with contract-to-contract calling. Network participants can now start moving towards trustless cross-chain interoperability with quantum-secure keys for the upcoming State Proof technology.
The upgrade also saw the launch of Falcon Keys, the first milestone on the network’s path towards trustless cross-chain interoperability. In the near future, these keys will be used to generate State Proofs, allowing Algorand to be trustlessly accessed in low-power environments like smartwatches and mobile phones.
Commenting on the upgrade, Paul Riegle, the Chief Product Officer at Algorand stated:
The power and composability of Algorand’s smart contract platform has transformed in recent months. Developers are building versatile decentralized applications that have and will continue to disrupt a wide variety of industries. With this latest upgrade, Algorand continues its leadership position when it comes to ongoing delivery of highly sophisticated blockchain technology.
In the near future, Algorand expects the launch of London Bridge which will connect its network to Ethereum. This will allow developers to easily port applications between the two networks, and with Algorand beating Ethereum on most metrics, it’s likely the one to benefit the most from the integration.
Related: Algorand secures $500M funding from Borderless Capital to support “next gen” DeFi and NFT projects
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