Algorand User Base Grows 34%

Algorand Foundation Reports 34% Surge in User Engagement

The Algorand Foundation has released its latest monthly report, highlighting a significant increase in user engagement on the platform during September. This surge, particularly in Daily Active Users (DAU), is attributed to the launch of Algorand Coinbase Learning Rewards in mid-September.

Impact of Algorand Coinbase Learning Rewards

Thanks to this initiative, DAUs soared to approximately 180,000, marking an impressive 34% rise in Monthly Active Users (MAUs) compared to August. This surge in user activity was driven by two key factors:

• Coinbase Quests: The launch of these quests encouraged users to interact with Algorand’s ecosystem.
• Increased dApp Exposure: Users were drawn to decentralized applications (dApps) available on the platform.

In September, MAUs reached a record high of over 1.34 million, a notable increase from the 1.3 million recorded in August.

Growth in Total Value Locked and Stablecoin Market Cap

Beyond user engagement, the Algorand blockchain also experienced a rise in Total Value Locked (TVL) and stablecoin market capitalization. This growth followed a substantial increase in August, reflecting the platform’s ongoing success in delivering value to its users.

Efficiency and New Developments

Algorand has also showcased its efficiency, revealing that enterprise blockchain developers can create products 600% faster on its platform compared to Ethereum. Additionally, Alchemy Pay now supports transactions in ALGO, USDC, and USDT, enhancing the platform’s transaction options.

Expanding Ecosystem and Partnerships

Algorand continues to expand its ecosystem through multiple initiatives:

• Decentralized Recovery Alliance: New members have joined this initiative.
• Case Studies: The Foundation has published insightful reports on blockchain use cases in ESG and payments.
• Technical Improvements: The Algorand Technical Council is working to enhance Staking Rewards.
• Hackathons: Regional hackathons have been launched in France, Nigeria, and Vietnam following the success of a global event.

Noteworthy Project Updates

Several projects within the Algorand ecosystem have launched updates and new features, including:

• GoraBots: NFT staking introduced.
• Travala and Skyscanner Partnership: Users can now book hotels using ALGO.

Conclusion

September has been a pivotal month for Algorand, with its growing influence and active community driving the platform’s success. The combination of user engagement, technical advancements, and expanding partnerships highlights the bright future ahead for the Algorand ecosystem.