Looking at the past week in Algorand, it is hard to find anything negative. As they dove into the DeFi sector, the team executed a spree of positive announcements. Along with new releases, timed down to perfection. However, if you somehow did miss the onslaught of bullish news. Well, Algorand investors ran around the crypto twitter explaining how comfy their ALGO position was feeling.
If you have been living under a rock at the end of August. Let us break it down for you and recap on ALGO’s recent boom.
Algorand’s 6 step August boom plan
- Rolls out a fresh set of smart contract functionalities (Algorand stateful smart contracts). Intended to aggressively enter the DeFi sector and latch onto the market’s summer appetite for DeFi tokens.
- Rekeying feature announced, allows users to change their PRIVATE KEY without the need of changing their public address. This is a game-changing feature in terms of security, scared you got hacked? Change your private key.
- Randlabs’ TEAL ALGO Oracle deployed and running on mainnet. Integral feature for launching DeFi apps with decentralized pricing calculation.
- AlgoSigner available. Essentially this is Algorand’s first wallet extension. Which is a huge milestone for wider adoption as this is their version of MetaMask.
- Partners with UK based exchange Archax to build DeFi products. Archax has an operational license U.K.’s Financial Conduct Authority and will list ALGO for trading.
- Teams such as PlanetWatch are already migrating to Algorand mainnet for the benefit of speed and scalability.
Looking to the future
All of this news is extremely positive for Algorand. As a result, it has brought a lot of new attention to the platform. In addition, ALGO is now trading up by +59.2% over the last 30 days.
Given that the new wallet unlocks more projects to migrate to using their mainnet. Above all, their first DeFi products look to bring together centralized and decentralized finance, while following regulations. Ultimately, ALGO’s long term future looks increasingly bullish.