Algorand (ALGO) Monthly Insights Report: September 2024 Highlights Surge in Monthly Active Users, New Ecosystem Updates, and More

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).

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 impacted the increase in daily and monthly users.

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.

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:

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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