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Algorand Surges 19% in 24 Hours: Analyzing Reasons Behind ALGO Pump

Algorand (ALGO) platfrom now can host decentralized financial instruments (DeFis) with high speed and trivial transaction costs

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Cover image via stock.adobe.com

ALGO, the native asset of Algorand blockchain platform, has broken into the list of the top gainers of major spot trading platforms today. Its double-digit upmove is caused by both a solid technological update and interesting promotional announcements in recent weeks.

With smart contracts functionality activated, Algorand (ALGO) can onboard DeFis

According to the official announcement by the Algorand team, its mechanism enabled smart contract capability. Thus, it is now ready to host all sorts of decentralized applications (dApps), including those in the red-hot DeFi segment.

Smart contracts functionality is integrated into Layer1 of the Algorand blockchain. Now it is accompanied by existing solutions like  Atomic Transfers, stateless smart contracts and Algorand Standard Assets (ASA1s). The Algorand team stressed that with the new release, software engineers tasked with building on this blockchain can deploy more sophisticated applications and scale existing products.

Founder of Algorand, Silvio Micali, emphasized that joining the DeFi race was the main focus of adding these functions into the blockchain toolkit:

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DeFi gives the world access to an essentially unlimited number of financial products and services. It's important for the new generation of dApps not to be stalled by the shortcomings of the first-generation blockchains.

Algorand utilizes a unique, pure proof-of-stake consensus solution that ensures very high bandwidth, guaranteed finality of transactions and negligible transaction costs (around 0.001 ALGO or $0.000064).

Algorand tokenizes celebrities in a blink of an eye

Besides the impressive technological update, the past few days were fruitful for Algorand (ALGO) in terms of listings and promotional events. On Aug. 14, Algorand (ALGO) issued a token for eccentric millionaire David Portnoy, founder of Barstool Sports blog that covers sport and pop culture.

Also, ALGO has been listed by one of the oldest and most recognized cryptocurrencies wallet ecosystems, Blockchain.com.

ALGO pumps 100% in 14 days
Image by Coingecko

All these announcements made the impressive 92% run of ALGO possible in the last two weeks. At press time, the token changes hands at $0.63 on major trading instruments.

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)