Posts about Algorand
Yesterday Algorand processed 2.3 Million transactions causing a massive spike in TPS. With that said, Algorand still has the bandwidth to do 240x more(eventually 1800x).
Over the last 7 days, Algorand has added over 800k+ new addresses.
There are almost 100k Algorand addresses with 1k+ ALGO. Look at that nice linear growth line. This is great for decentralization and means Algorand is becoming more decentralized over time. Pure Proof of Stake is amazing because ANYONE can run a participation node and participate in consensus with only ONE ALGO.
Algorand AGAIN broke it's record for Total Value Locked, breaking $300 Million. This is almost 4.3x that of Cardano TVL and yet Algorand is sitting at #30 market cap while Cardano is sitting at #8. Algorand seems to be MASSIVELY undervalued(NFA).
We're seeing more and more real world use case and usage on the Algorand blockchain. FIFA just launched its marketplace on Algorand called FIFA Plus Collect and with the World Cup coming up in November, it could easily become the biggest NFT marketplace in the world. Time will tell.
You can only buy FIFA Collect packs with either USD(US Dollar) or USDC on Algorand. Interestingly both FTX and Binance both added support for USDCa in the last week, this comes right before the world cup.
Overall, Algorand metrics are looking phenomenal and 2022 has seen HUGE growth through out the ecosystem and protocol. In September, Algorand saw a 5x performance boost to 6,000 TPS and a ~10% decrease in round times to <4s. With the release of Algorand State Proofs that allow for a new interoperability standard that can securely connect all Proof of Stake chains, Algorand is proving to be a leader with their cutting-edge technology.
The Algorand shillers have been relentless about the future of the project lately. I do not believe it has a future. This is the opposite of an Algorand shill post.
I do not hold ALGO. This is why. TLDR - just read the bold headlines.
Inflation - 27% increase
The Inflation of a coin is simply the rate at which it is currently increasing its supply every year. I.e. If a token has a 2% inflation rate, then one year from now, 2% more tokens are available to buy.
One year ago, Algorand had 5,460,295,593 coins in circulation. Today it has 6,927,212,643. This represents an increase of 27%. Factoring in the estimated staking rate of ~5%, it means the token loses more than 20% of its value every year.
(The coin has an inflation rate of 95% if I take the value from 54 weeks ago, going from 3.5bn tokens to 6.9bn in the past year.)
Daily Active Users - 97% drop
This is simply the number of addresses on the blockchain that perform at least one transaction on a particular day.
During the bear market, all projects lose users. Algorand has lost a lot of its daily active users, dropping from over 1,773,000 to just 60600. This represents a staggering 97% drop in active users. In the same time frame, Ethereum has dropped 14% (and that doesn't even include layer 2 protocols like Arbitrum).
This statistic is so bad, it is not even available on the explorer - they only list the total accounts. I had to get the real data from Messari.
Messari - Algorand Daily Active Addresses
MarketCap Rank - dropped 11 spots
This metric is market value size of the cryptocurrency relative to all other cryptocurrencies. One year ago, Algorand was ranked as the 18th largest crypto. Today it is 29th - a drop of 11 spots.
The CEO quit - he got bored
Obvious. But the CEO left the project to pursue other interests. Historically, any time a CEO leaves a project, it has rarely, if ever, held its value. See Loopring or Fantom...
Decentralisation - not too bad
The level of decentralisation for Algorand is unneccesarily convoluted. The easiest way to consider its level of decentralisation is two factors:
The Nakamoto Coefficient is estimated to be between 13 and 15, which puts it well behind its competitors. Avalanche 30, Solana at 31, Polkadot 82
The number of active validators is 370. Cardano at 3500, Ethereum 411,000
Scalability - copied another project's idea
Algorand 'solved' the scaling problem by copying what Bitcoin cash did - and somehow made it worse. They simply make bigger blocks, but they sacrificed efficiency. Bitcoin Cash creates 32MB blocks every 10 minutes - Algorand requires ~ 800 MB to accomplish the same task. Basically, it requires 25x more data to process transactions than a five year old crypto.
Finally, the shill posts...
Some users may be aware, but it is long believe that some projects employ paid shillers. Literally people that post information in a positive light consistently. It is my belief that Algorand is guilty of this. Please understand, that this is purely speculation and I have no evidence. I would be happy to point out specific users and link posts that I am adamant are paid advertising by Algorand. But out of respect to the subs rules, I will abstain - but if a Mod approves it, I have it ready to go.
EDIT:
Lots of people accusing me of not having the balls to respond to the comments.
I actually responded to several of them, but most of my comments got downvoted into oblivion, so I just gave up. If you want to debate, that’s cool, but apparently you only get toddler tantrums from ALGO shillers.
I tried responding to this comment, but my response got destroyed by the paid shillers, so I’ll put it here..
If you want to take the snapshot of the market cap position on the date in your comment, go ahead, but then you also have to take the token supply on that date too, so enjoy the 95% inflation rate that goes with it. *
If reading comments, I suggest sorting by controversial.
[High effort post incoming]
If digital collectables, or NFTs, are strictly not your thing, this post isn’t written for you. But for those with some curiosity, or the ones who may have a few Reddit Avatars, this might be worth a read.
Rank 1-5 (Al Goanna, Stitch, Geko, FIFA, Blockrunner)I think the majority of the sub believes that Algorand will be one of the leading blockchains in the future, especially with FIFA and other partnerships around the corner. With the World Cup due to start in a few weeks, it just makes sense to keep an eye on the artists with a solid track record as you can become a holder of a collection of theirs for less than 100 bucks, compared to gambling on the next best thing on ETH or SOL. Obviously, a lot of NFT collections are just minted, flipped and abandoned but there are a few that have lasting power for a variety of reasons.
All of these collections can be viewed, along with their listings, on the two leading digital art aggregators, Asalytic.app and NFTexplorer.app and you can find all of these artists on twitter.
Currently 1 Algo = $ 0.38
Ranked according to total sales volume.
| Rank | Artist | Description | Total Volume (Algos) | Weekly Volume (Algos) | Track Record | Upcoming Stuff |
|---|---|---|---|---|---|---|
| 1 | Al Goanna | Al Goanna. Tree planting (around 200,000 planted so far) and investing. The original Gen 1 (489 supply) gives you voting rights for the DAO, while the second Gen (5555 supply) opened the collection to the wider public. | 7.5 mil | 37.2K | Al Goanna: Mint (~250A in Sept '21), Current Floor: 5555A (20X) Mutants vs Zombies: Mint (222A in Sept '22). Current Floor: 249A (1.1X). PolyGoannas: Mint (222A in Sept '22). Current Floor: 450A (2X). | Mutant vs Zombie Battles. Possible Video game. |
| 2 | Stitch | The first collection from Stitch (Yieldlings) was traded before a marketplace even existed. Stitch is always experimenting with new ideas with every release, the latest (Mostly Frens) having human companions for the successful Gen 2 (M.N.G.O) . | 4.0 mil | 107.0K | Yieldlings: Mint (~10A in July '21), Current Floor: 1750A (175x) M.N.G.O: Mint (50A in 'Oct 21). Current Floor: 949A (~20X). Mostly Frens: Mint (89A in July '22). Current Floor: 600A (~7X) | Best Frens (Burning of 3 Mostly Frens for a Best Fren) |
| 3 | Mama (Geko) | A project that gained some serious attention with the attention of the highly detailed 99 Wise Uncles. Since then, the project has released several successful projects back to back. | 2.97 mil | 1.0 mil (Very high volume post MIA mint) | Geko: Mint (~5A-69 A in Nov '21), Current Floor: 2000 A (50X) . Wise uncles: Mint (169A Mint in 'April 22) 11000 A floor (~60X) .mOOFy:(charity series), 22A Mint, 200 floor (~9x) **Pixel Gekos: (**11A Mint in Dec '21), 365 A floor (~35x). MIA: Mint (111A in Oct '22), Floor 240A (2.1X) | Geko and Pixel Geko Transcendance (Upgraded art) |
| 4 | FIFA Digital Collectables | Oh yes, FIFA is on Algorand and they’ve kicked things off with releasing football “moments”. You can collect your favourite goal or your favourite play from all FIFA past events (yes, you can probably own the "Hand of God") | ~3 mil | Still Minting. Common packs start as low as $5, while rarer moments are pricier. Supply is quite high though. | Minting in progress | |
| 5 | Blockrunner | Blockrunner was named the “artist of the year” by the Algorand Foundation.The original limited collection of 100 Flemish Giants featured some of the best hand-drawn art on Algorand. | 1.8 mil | 8.6 K | Flemish Giants: Mint (100 A in Jan '22). Floor: 7000 A (70X). Flemish Clones: Mint (100 A in Apr '22). Floor: 250A (2.5X) | Clone Splicing. Combine two clones to create a new clone. |
| 6 | Declan Rocco | Octorand did a few new things when it released (building own marketplace, the idea of dynamic NFTs with a deflationary token) and was the first NFT that was collected by the Algorand CEO Staci Warden. | 1.50 mil | 1.4 K | Octorand: Mint (100A in Jan '22). Floor: 420 A (4.2x). Octorand Gen 2: Mint (10A in Feb '22). Floor 35 A (3.5X) | |
| 7 | Ventral | People didn’t know what to what to expect from Crazy Goose Flock when it first launched. A few even parodied the collection but it has continued to sell well to this day. | 1.28 mil | 7.5 K | Crazy Goose Flock: Mint (25 A in Mar '22). Floor: 350A (14X) | Crazy Goose Robots (Companions for the Gen 1 release) |
| 8 | Headline | Associated with Headline INC, which are building Defi projects including PIPELINE-UI, FORUM, Libra Network, AlgoPay, AlgoSwap, AlgoGlyph, and Algo Astros | 1.25 mil | < 1K | Algo Astros: Mint (100 A in Nov '21). Floor: 800 A (80X). Galactic Astros: Mint (30 A in Jun '22). Floor: 19 A (-35%) | |
| 9 | Alchemon | Algorand Foundation Grant recipient. Alchemon has been building a “Pokémon” style game, which is currently playable. One of the most transparent and serious projects out there. Public testing ongoing. | 1.16 mil | 4.7 K | Difficult to define a floor price for Alchemon as the new packs are always very inexpensive so that new players can join. Old packs have gained in value though. | New packs are regularly released. Game updates. |
| 10 | Fracctal Labs Inc. | Algorand Foundation Grant recipient. A newer project that is also based on monster collecting and training. The game previews showcase some really slick graphics. The PFP collection has been created by Blockrunner (No. 5 on the list). | 1.11 mil | 6.5 K | Fracctal Tamers: Mint (200 A in Aug '22). Floor: 469 A (2.3X) | Fracctal Monsters to accompany the released Tamers series. Playable public beta of game |
| 11 | Algorillas | The ape project on Algorand, which features almost 9 releases so far. Apart from the regular generations, their “meta” releases featuring 3D artwork has always been pretty cool. If you like apes, this is the one to ape into. | Just including the three best known ones (out of 8 releases). Algorillas: Mint (~60A in Sep '21), Current Floor: 629 A (10X) . Algo Primate Elites: Mint (277A Mint in Mar '22) 475 A floor (~1.8X) **MetaCadets (3D): (**50A Mint in Jan '22), 785 A floor (~15x). | Nuclear Jungle | ||
| 12 | DeRose and Freaky | Their most successful release has been “Totally Average Cats”, a large collection of 4000 cats that dropped in August. | Totally Average Cats: Mint (44 A in Aug '22). Floor: 99.9 A (2.3X) | |||
| 13 | G-Raffe | A long-running project that also had a successful Gen 2 featuring a mix of styles, including mutant-style art. Gen 3 (Supernatural) is around the corner. “SuperGems” can be purchased to reserve a top 50% rarity Gen 3. | G-Raffe: Mint (20 A in Jan '22). Floor: 850 A (42X). Young G: Mint (50A in Feb '22). Floor 3420A (70X) | Supernaturals | ||
| 14 | Akita | The dog project on Algorand. Never underestimate dogs. In the beginning, it almost seemed like Akita would eat Goanna’s lunch. The project was in a lull after losing a few team members but the dog is rising in time for the FIFA World Cup. | 576.0 K | 1.3 K | Akita Kennel Club: Mint (100 A in Jan '22). Floor: 300 A (3X) | Gen 2 coming soon |
| 15 | Algoknitter (akpepe) | A very unique collection that features knitted-style art and fun discord games. The (in)famous dice-shuffle style of releasing NFTs has probably led to a couple of smashed phones. Many things, including a trading card game and a 3D collection are planned. | 574.6 K | 53.0 K | KNITheads: Mint (69 A in Nov '21), Current Floor: 999 A (14X) . LilKnits: Mint (42 A Mint in 'April 22) 110 A floor (~2.5X) **Snails: (**55A Mint from Nov '22), 74 A floor (~1.3X). | Snails (still releasing). CuteBrutes (Trading Card Game). KNITheads 3D. |
As always, DYOR. A great way to do that is to check averages sales and volume history on something like asalytic.app. I have my own personal favourites but have tried to keep my opinion out of this post, but would be happy to chat more in the comments
TLDR: Ape in before FIFA World Cup.
I think we can all agree that tps numbers can be hard to compare between chains. Some chains can pin 10000s of native token transfers, but things get weird when you start to compare smart contracts.
I posted about this metric in the Algorand subreddit for determining throughput of different blockchains in the fairest way possible. That is using an AMM “uniswap-style” swap as the benchmark.
The authors of the medium article linked in my original post tested the smart contract throughput of some of the top smart contract platforms empirically, and they found that these chains to have the following AMM-swap tps limits:
Solana Mainnet Orca - 273 swaps
BSC pancakeswap - 195 swaps
Polygon quickswap - 95 swaps
Axax Trader Joe - 176 swaps
Celo Ubeswap - 50 swaps
Ethereum uniswap v2 - 18 swaps
Now Algorand can handle 1625 AMM swaps per second on Tinyman.
For reference that is:
6.0x more than Solana
8.3x more than Binance
9.2x more than Avalanche
17x more than Polygon
32.5x more than Celo
90.3x more than Ethereum
Algorand's new upgrade reduced block times from ~4.5s to ~3.8s per block, and there has already been a block with 25k transactions in it on the mainnet which translates to approximately 6500 tps.
Thanks to the insight of /u/abeliabedelia, based on the opcode budget limit for each transaction, it was determined that a tinyman swap requires 4 transactions, which means that Algorand’ TPS divided by 4 is approximately equal to its ability for smart contracts per second. (6500/4) = 1625 swaps per second.
And a special thanks to /u/sdcvbhjz for actually empirically checking and confirming the transaction count to be 4 standard transactions for each tinyman swap.
Edit: added words
https://defillama.com/chains/Non-EVM
https://defillama.com/chain/Algorand
As you can see Algorand TVL is hugely green with most other chains losing TVL.
FTX just added USDC-Algorand, allowing easy on/off ramps for USDC to Algorand. This eliminates the need to swap USDC to ALGO on DEX's before cashing out. This is huge for big institutional players and I expect to see many companies utilize USDC on Algorand because of it's superior L1 technology to Ethereum and Solana. Algorand currently processes the same amount of daily transactions as Ethereum with the capability to do much more. With its recent upgrade to 6000 TPS, <4s finality, Quantum-Resistant Falcon Keys and State-proofs that allow for decentralized bridges. Algorand is looking like the leader in blockchain technology, take a look at this chart:
Comparison between top L1 Smart Contract platformsIt seems Algorand may be entering the public consciousness. I expect Coinbase and Kraken will be following suit and adding USDC-Algorand as well. Exciting times for Algorand.
Interesting timing as FIFA Plus Collect just launched its market place and genesis packs, these NFTs and marketplace are exclusive to the Algorand blockchain and they also allow you to buy packs with USDC-Algorand only.
Another reason to be bullish about Algorand is its tokenomics, of which many falsely label as bad, when in reality it has some of the best. As you can see in this chart its true total supply is right behind Bitcoin.
Comparison between true total crypto supplies.