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Important events

Sep 132022

Hodlnaut leaves a hole

Troubled crypto lender Hodlnaut has left wounds in its wake, with Algorand being the most recent platform to declare exposure.

  • Algorand Foundation has announced it had a $35m exposure in the form of USDC to Hodlnaut – the crypto lending platform now teetering on bankruptcy. The foundation, which manages the Algorand blockchain, stated that the figure accounts for less than 3% of the group’s total funds and “does not expect” liquidity issues.
  • Hodlnaut suspended account withdrawals on August 8th, citing liquidity issues as the reason for the platform’s shut-down and being granted creditor protection in Singapore. However the Algorand Foundation stated it will be “pursuing all legal remedies to maximize asset recovery”. Not much in the way of sympathy then.
  • The past few months have been a ‘credit crunch’ for crypto, and Algorand joins swathes of other platforms out of pocket from a variety of downfalls. Since the collapse of Three Arrows Capital in June, the development firms of smart contract chain Moonbeam and liquidity hub Kyber Network are still owed $27m collectively.

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May 242022

I bless the Algos down in Africa

Algorand deploys its blockchain in Nigeria to allow citizens the ability to register intellectual properties and royalties.

  • Koibanx, a FinTech company running on Algorand, will help commercialize intellectual property (IP) in Nigeria – be it music, videos, NFTs, trademarks, or copyright. Nigeria will use Algorand’s blockchain to build a national wallet where peeps will be able to register their IP rights.
  • Nigeria defo sees opportunities in crypto. The most populated country in Africa published a set of regulations for crypto on May 14 as it tries to introduce the asset class into the economy. It's not the first time the continent has seen crypto approval, either – Ethiopia is using Cardano’s blockchain, while the Central African Republic has made Bitcoin legal tender.
  • Algorand and Koibanx have also linked up previously in El Salvador, helping those Bitcoin-stacking Latin Americans to keep official documentation on the blockchain. This inroad into Africa seems another feather in the cap for Silvio Micali’s team.
James Wiseman / Unsplash
May 192022

Algorand is beating the drum of the NFT era

The blockchain is alive with the sound of music as Universal Music Group agrees to launch NFTs on its Limewire marketplace.

  • LimeWire and Algorand’s collab to run an NFT platform made a positive note on Wednesday after major label Universal Music Group agreed to supply collectables to its platform. Some of the biggest labels like EMI and Virgin Music come under UMG, so Algorand could see some sweet transaction volume coming from music stans soon.
  • Don’t stop them now, they’re having a good time. Algorand also announced last week that Napster will be scaled onto its blockchain to bring music NFTs to market. What is it with Algorand and mid-2000s music platforms? It seems to love bringing back these old-timers and dressing them up in web3 style.
  • Algorand has been enjoying some attention of late, and this is bound to help. Being the crypto poster boy of environmentalism, while also getting a big-time soccer partnership with FIFA has bolstered its reputation. However, ALGO is struggling out there, currently trading at prices not seen since January 2021.
May 182022

A wormhole opens on the blockchain

Algorand gets access to a wormhole allowing chain-to-chain communication between other top cryptos.

  • Cross-chain protocol Wormhole has invited the Algorand blockchain to explore new quadrants of the cryptoverse. This will let it communicate easily with other blockchains on Wormhole’s “core layer” – including Ethereum, Solana, Avalanche, and Binance.
  • Tokens sent through the Wormhole get locked in a smart contract, while a new wrapped token gets minted on the chain it was sent to. Basically, wrapping the tokens is just Wormhole’s way of adapting them to interact with other DeFi economies.
  • ALGO was up 7% on Tuesday after bypassing Deep Space 9 and entering the wormhole. However, it was down 32% last week despite FIFA adopting the blockchain only the week prior.
John Paul Summers / Unsplash
May 042022

FIFA gives Algorand the captain’s armband

Algorand is gonna be the 2022 World Cup’s blockchain mascot after landing a coveted sponsorship deal.

  • Algorand is now an official blockchain partner of the 2022 Qatar World Cup. The network will be a “regional supporter” for North America and Europe, before becoming the overall official sponsor for the women’s World Cup in 2023.
  • This shirt swap will allow FIFA access to Algorand’s blockchain to run its official digital wallets, helping to “develop its digital assets strategy”. In return, Algorand will get its name and logo splashed all around the tournament, which is set to be watched by millions of people worldwide.
  • ALGO pumped 20% on Tuesday, getting supporters out of their seats until the price got VAR’d to finish the day up 8.9%. Given an eye-watering 3.2bn people watched the 2018 World Cup, investors can prolly expect quite the uptick in interest for Algorand and the general crypto industry during the live games.
Robbie Jay Barratt / Getty Images
Apr 292022

Algorand shows its flare

After the Nightmare of Ronin Bridge that saw $625m lost, Algorand is making their own bridge to keep the DeFi trolls out from underneath it.

  • Trustless interoperability in DeFi? We’ll believe it when we see it, but Algorand is defo making moves to get there. The crypto dark horse is funding a project headed by layer-1 protocol Flare, providing a ‘seven-figure’ grant through the Algorand Foundation.
  • Flare’s bridge will address issues of DeFi security, aiming to make sure the route between ALGO and BTC is as watertight as poss. And it isn’t just that route – other non-PoS projects like Doge, Litecoin, and Ripple will be included.
  • DeFi has a bad rep atm in terms of hacks, totalling $1.2bn in hacks in just Q1 this year, with Axie Infinity loss of $625m in March making up half of that. Clearly, for big crypto projects with lots of liquidity, one slither of vulnerability in their network cannot be afforded. The concequences could be mega.
Casey Horner / Unsplash
Apr 222022

Algorand tends to its eco-system

Eco-friendly crypto Algorand plans to offset its carbon footprint with its transaction fees.

  • Algorand is going a step further to celebrate Earth Day this year, announcing that a new smart contract on the network will take a fraction of each transaction fee and buy verified carbon credits at ClimateTrade, a blockchain-based carbon offset marketplace.
  • The crypto wants to be the greenest blockchain in the game, striving to become a completely carbon-negative network. Algorand rented out the LED billboards on Times Square this week, turning all the displays green, and on Thursday organizers switched all the boards off for an hour to prove its point a little further.
  • Its token wasn’t so green on Thursday though, down over 3%. ALGO has been on a seven-month downtrend since hitting a high of $2.55 in September, so investors may want to see it flip resistance at $1 into support before they join Algorand in fighting the existential threat of climate change.

From the very beginning, the #Algorand blockchain has allowed users to do more while using less energy 🍃🌱

Tonight, on the eve of #EarthDay2022, join us in advocating for a greener future — one powered by sustainable, energy-efficient technology 👉

Mar 222022

Let’s get technical

The Algorand community is getting excited about a set of technical tweaks that its founder has been hyping up.

🔍 Key points:

  • Algorand’s token soared over 11% on Monday for its best day of the year. The proof-of-stake blockchain, which is popular for its transaction speeds, saw its token gain over 8% last week after spending nearly every day in the green.
  • It has a bunch of technical upgrades on the way to help developers connect with each other automatically, as well as make Algorand-based dApps run more efficiently. Founder Silvio Micali says the upgrades will also bring a bunch of new privacy features, while also assuring regulators it won’t be used for dodgy dealings.
  • The blockchain has already added over 6m new accounts this year so far – an increase of more than 35% from the start of the year – to take its total account to over 23.5m. The blockchain has also been getting attention for recent partnerships with LimeWire and Amazon Web Services, so its future is looking upbeat.
Taylor Vick / Unsplash
Mar 162022

When life gives you limes…

Here’s a little throwback for you all: remember LimeWire? Well, the long-dormant music sharing website is making a comeback, and it’s using Web3 to do it.

🔍 Key points:

  • LimeWire is back as an NFT platform after the peer-to-peer file-sharing system (which was largely used for illegal music downloading, let's be honest), spent over a decade in the dark.
  • But now it’s chosen the Algorand blockchain to power its new collectibles marketplace because of its environmental perks – the network has been carbon-negative since 2021 – while its scalability and security add to the appeal.
  • The token is up nearly 5% this week so far and looks like it could snap its five-week losing streak, though prices are still sitting at their lowest levels since January 2021, partly because of the craziness crypto has been going through lately.
Andres Hernandez / Unsplash
Nov 192021

Algorand is everywhere

Algorand's native token soars to 2021 highs after getting a new exchange listing.

  • Algorand shot up 56% in five minutes, to its highest price this year, only 14% away from its all time high.
  • It followed a listing by UpBit, a South Korean exchange, building on a new Algorand EPT (exchange-traded product) recently launched on the Swiss exchange 21Shares, plus some attention from PayPal. It's claimed that 81% of wallet addresses holding the token are currently profitable .
  • The rally bucked an overall market crash that took down all the top cryptos on Thursday.