With the majority of assets in the cryptocurrency sector continuing to trade in a sideways pattern, some are recording successes in other areas, including Algorand (ALGO), which has increased its staked value by 40% in the past two months.
Indeed, Algorand is at press time recording an increase in its total value locked (TVL) from $206 million to nearly $290 million since September 1, 2022, according to a tweet thread by Riyad Carey, an analyst at blockchain analytics platform Kaiko, published on October 24.
As Carey explained, the pure proof-of-stake (PoS) network ranks well among other blockchains in terms of staked value, although there is still room for improvement:
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“DeFi activity on Algorand has been particularly strong, and it is now the 14th largest chain by TVL, larger than Near ($240mn) but smaller than networks like Fantom ($500mn).”
The largest application on the network is Algofi, a decentralized exchange (DEX) and lending protocol that allows users to borrow, trade, and earn interest from different Algorand assets.
Algorand’s other successes
As Carey noted, Algorand is also one of the best performers in its category in terms of price increase, growing 8% during the observed period since September 1.
Additionally, the analyst stressed that:
“The network also underwent an important upgrade, bringing improvements in block latency, TPS, and interoperability.”
He was referring to the implementation of State Proofs on Algorand’s mainnet, which promises trustless cross-chain communication, an increase in processing speed, new developer features, and on-chain randomness capabilities for dApps.
A week before, Finbold reported on Algorand’s strong week-over-week growth in adoption, recording an increase in daily active addresses by as much as 60%, beating both Ethereum (ETH) and Bitcoin (BTC), which saw gains of only 6% and 7%, respectively.
Algorand price analysis
At press time, Algorand was changing hands at $0.3312, which represents a solid increase of 7.14% on the day, as well as 3.14% across the previous week, despite a more significant drop of 13.54% on the monthly chart.
The market capitalization of the decentralized finance (DeFi) asset presently stands at $2.34 billion, making Algorand the 29th-largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved on October 25.
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