Algorand Sees Monthly Active Users Rise Nearly 34% From August
Singapore, Singapore, October 22nd, 2024, Chainwire
The Algorand Foundation recently published its monthly Algo Insights Report, reporting that in September the platform experienced a substantial growth in user activity (as measured by Daily Active Users, or DAU). The launch of Algorand Coinbase Learning Rewards in mid-September proved to be a major catalyst for this growth, driving DAUs to a peak of approximately 180,000 users and pushing Monthly Active Users (MAUs) up nearly 34% from August.
Monthly Active Users (MAU)
Daily Active Users (DAU)
Background: In September, Algorand experienced a surge in Monthly Active Users, up nearly 34%, hitting a yearly high of 1,342,596. Daily Active Users also peaked at approximately 180,000 throughout the month. This represented a significant increase from the pre-September levels of around 50,000 DAUs and 1,300,000 MAUs. Two factors have impacted the increase in daily and monthly users.
- Launch of Coinbase Quests: The launch of Coinbase Quests with Algorand this month drove the spike in DAU. These quests provided Coinbase users with an opportunity to engage with Algorand’s platform and ecosystem.
- Increased exposure to Algorand’s dApps: As part of the Coinbase Quests, users could explore and interact with various dApps built on Algorand. This exposure likely contributed to the sustained increase in DAUs and MAUs, as different users discovered the potential of Algorand’s ecosystem.
The bigger picture: The sustained growth in MAU throughout the year, coupled with the significant spike in DAU during September, suggests that Algorand is providing real value to users.
Other Updates from Algorand Foundation, ALGO, and the Algorand Ecosystem
Algorand Blockchain September 2024 Metrics
MAUs refer to any wallet which sent at least 1 txn in the month. Data Sources: Nodely DW, Defillam
The Algorand blockchain also saw an increase in Total Value Locked (TVL in USD) over the month. The total stablecoin market capitalization also increased again (in August, Algorand saw an impressive 28.5% increase in stablecoin value compared to July).
In a recent case study, Algorand also reported that enterprise blockchain developers can build products 600% faster on Algorand vs. Ethereum/EVM.
Alchemy Pay now supports ALGO, USDC, and USDT on and off-ramps.
Cardano’s developer organization, IOHK, and Hedera joined Algorand and others as the final Founding Members of the Decentralized Recovery Alliance.
Algorand Foundation also published new case studies – one regarding blockchain and ESG, featuring Finboot; and another on impact and payments, featuring HesabPay.
The Algorand Technical Council (ATC) shared updates with a key focus on the progress of Staking Rewards. FNet, the consensus incentives temporary development network, is also live.
The Foundation launched regional hackathons in France, Nigeria, and Vietnam following the success of the Global Hackathon. Registrations can be made here for Vietnam, France, and Nigeria.
The Algorand Incubator concluded after an 8-week journey, during which 14 start-ups grew with the Foundation’s mentorship.
Updates from the Algorand ecosystem:
- NFDomains launched V3.0.
- GoraBots launched NFT staking.
- Travala’s recent integration with Skyscanner allows over 100 million monthly users to book hotels with ALGO.
- EXA Markets partnered with CoinList to bring a new EXA Rewards Campaign.
- Pact and Lofti joined the Circle Alliance Program.
- Folks Finance’s xChain Mainnet move is live.
- Pera launched Discover V2.0.
- Lofty and CompX launched several updates to improve user interface and functionality.
- ANote released multiple royalty payouts throughout the month.
- Allo introduced transaction charts.
About Algorand (ALGO)
Algorand (ALGO, ALGO-USD) is a cryptocurrency launched in 2019 as part of the Algorand blockchain. The Algorand blockchain is an energy-efficient, quantum-secure, single-layer blockchain with instant finality, consistently high throughput, and low fees. Designed by Turing Award-winning cryptographer Silvio Micali, it is built for real-world scale. Algorand (ALGO) is currently trading on more than 400 active markets under the tickers ALGO, ALGO-USD, ALGO/USD, ALGO-EUR, and ALGO/EUR, among other currency pairs. It has a limited, deflationary supply of 10,000,000,000 ALGO which will be in full circulation by 2030. More information can be found at algorand.co.
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