Posts about Algorand
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.
Last year, I posted about this metric in the Algorand subreddits 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
Avax Trader Joe - 176 swaps
Celo Ubeswap - 50 swaps
Ethereum uniswap v2 - 18 swaps
Immediately after the 6k tps upgrade, I made a post about Algorand's ability to perform these AMM-style swaps which was estimated using the assumption that an AMM swap would require four txns per swap. This estimation came out to about 1625 swaps per second. At the time this was very impressive because the next fastest chain was Solana capped at being able to do 273 swaps per second.
People foreshadowed in the comments on one of my previous posts saying that it could definitely be done in less than four transactions, but I wanted to be conservative at the time.
Today, I saw on twitter that one of the developers from Vestige actually empirically tested this on the MAINNET and proved that Algorand can do 2881 AMM-style swaps per second. You can see the on-chain evidence in this block.
Algorand literally dwarfs these other chains in smart contract efficiency10.5x more than Solana Mainnet Orca - 273 swaps
15x more than BSC pancakeswap - 195 swaps
30x more than Polygon quickswap - 95 swaps
16x more than Avax Trader Joe - 176 swaps
57x more than Celo Ubeswap - 50 swaps
160x more than Ethereum uniswap v2 - 18 swaps
3.5x more than all of them combined - 807 swaps
If anybody can do this experiment for other popular Layer 1s like Tezos, NEAR, or Elrond or the Layer 2s on ETH, I would love to include them here.
Please be respectful in the comments :)
So on January 17th at 7:45 PM Staci Warden the CEO of the Algorand Foundation decided to toy with the emotions of Dozens of ALGO holders by tweeting the very cryptic message "NIKE"
This led to people speculating some sort of partnership, desperate Algorand investors who haven't had the best time the last couple of months began for a short time to let themselves dream of profit.
These dreams were quickly crushed when Staci decided to respond to questions over what exactly this tweet "NIKE" meant?
It meant nothing, apparently being just a lesson in marketing.
Odlavso - ALGO bag holder
I have dreamed a dream, but now that dream is gone from me
Now I could use some not very appropriate words to describe how I feel about this CEO after this little "Marketing experiment" but I will show a little restrain and post the best reply to her so far from Axetrax on twitter.
Axetrax22:
You really should think about these things before you tweet…the Algorand community is starving for fresh serious partnerships while polygon seems to land a new one every other day. It should be feasible that Algorand could partner w/Nike so teases like this gets people excited
Why the CEO of the Algorand Foundation decided to troll all the ALGO bag holders like this on Tuesday night will probably remain a mystery but I guess Algorand holders are used to be dumped on by the foundation, hang in there Algonauts.
EDIT #1: WE ARE LIVE!
EDIT #2: The AMA is now over! Thank you xBacked team for joining us today.
------------------------------------------------------------------------------------------------------------------ALGO fam, welcome to our AMA - Ask me Anything - with the xBacked team!
You can start posting your questions now and the xBacked team will respond all they can for one hour starting at 5pm ET today.
This AMA will be held by:
u/estantef - Head of Product Marketing at the Algorand Foundation, Host
u/cysec_ - Digital Community Champion at the Algorand Foundation, Host
u/HashMapsData2Value - Digital Community Champion at the Algorand Foundation, Host
The xBacked team has been very kind to come for this AMA and answer your questions, but there are a few rules:
Be respectful. If your question is not respectful, you likely will not receive an answer.
Keep questions related to the tech. Implementation, areas of research, roadmap, curiosities, etc.
Ok, but what is xBacked?!
xBacked is a decentralized autonomous organization (DAO) developing a decentralized over-collateralized stablecoin (xUSD) for Algorand, xUSD. Backed by multiple decentralized crypto assets to withstand volatility, xBacked is on a mission to unlock capital and empower the digital economy.
And who is building xBacked?
Austin Wilshire, Lead Contributor
Austin has worked for half a decade in some of Australia's best SaaS companies as a software developer and Site Reliability Engineer (SRE). More recently he was a Product manager, where he lead a team of 4 developers and 1 designer. He was also selected to be in a FinTech incubator at an Australian bank where he worked on building an algorithmic trading SaaS platform. Ultimately a bank was not a very inspiring environment and he started diving deeper into DeFi.
Denvinl Wong, Head of Growth
Denvinl started dipping her toes in crypto around 2016, and got obsessed with breeding cryptokitties not long after that. Prior to joining xBacked, Denvinl worked for a NASDAQ-listed SaaS company as a Voice of Customer Lead. Before that, she gained her blockchain experience from a local cryptocurrency exchange as a Marketing Strategist and helped drive Bitcoin adoption through education. She’s a big fan of championing user voice to solve their problems.
And now, send your questions to the xBacked team!