Algorand Adds Over 6 million New Accounts So Far In 2022

March 11, 2022 9:29 pm

It has only been a little over 2 months so far in the year 2022 and Algorand has reported that its blockchain has already added over 6 million new accounts.

This indicates a network growth of nearly 35% in an extremely short amount of time which indicates the impressive potential of the ecosystem.

The rapid growth can most likely be attributed to a number of reasons and developments that have occurred on the blockchain over the past few months.

One reason is that the network recently had an upgrade that would allow it to operate in low power environments such as mobile phones which greatly increases the market it has access to.

Other reasons may include the foundation’s ambitious goal to create a bridge with Ethereum to take advantage of Ethereum’s ecosystem.

FinBold reports:

Algorand is also expecting the introduction of London Bridge – a trustless bridge to connect the platform with Ethereum (ETH).

To make this happen, software-development company Applied Blockchain received a grant from the Algorand Foundation in February 2022.

It’s also worth mentioning that the Algorand Foundation itself got a new CEO a few days before the grant announcement and none other than the former JPMorgan executive Staci Warden.

She brought in the tremendous experience from her engagements at Nasdaq, the United States Treasury Department, and the Milken Institute.

In January 2022, Grayscale Investments also added Algorand to its list of assets under consideration as one of the 25 new token entrants. ALGO was one of several alternative Layer 1 blockchain tokens to be added to the list.

Algorand has also received several endorsements from well-known investors in the space including Anthony Scaramucci who refers to the blockchain as the “Google of crypto”.

To give some perspective on Algorand’s current growth trajectory, Algorand had roughly 17.3 million users on its network at the end of 2021.

By March 10 of 2022, the network is reporting a total number of 23.5 million user accounts indicating a growth of 6.2 million accounts in roughly 2 months.

Investors expect continual long-term growth on the network due to the positive developments that are happening despite the recent market slump.

The developments also come at a time where other top competitors like Ethereum have been criticized by the public for not being as decentralized as many had originally thought due to the Metamask scandal.

Crypto-News-Flash reports:

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.

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.

At the time of writing, Algorand price is recorded to be at $0.73  with a total market cap of $4.76 billion.

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