Why is Algorand (ALGO) up 268%?

In practice, for a successful blockchain project, adoption is really important, and the project that has benefited from the recent surge in adoption is Algorand (ALGO), a protocol that uses PPOS. (Pure Proof of Stake) should become the basis layer for the global financial industry.

Here's why the price of Algorand (ALGO) has just soared to new multi-year highs

1-day framework ALGO price table | Source: TradingView

Data from TradingView shows that ALGO’s price has risen 268% from hitting $ 0.67 on July 20 to $ 2.47 on September 9, as its 24-hour trading volume fell to one Record high of $ 4.83 billion rose.

El Salvador develops blockchain infrastructure on Algorand

The rise in price and trading volume for Algorand comes after El Salvador announced that Bitcoin will now be recognized as legal tender and the country also opted for Algorand’s blockchain to help develop its blockchain infrastructure.

The Algorand network is attracting more and more attention from the government and large institutions as a result of the Central Banks (CBDC) digital currencies research process and the project has been selected to host the coins; popular stablecoins such as USD Coin (USDC) and tether (USDT).

El Salvador’s election of Algorand is perhaps the most significant vote of confidence the project has received to date, and it has the potential to increase its adoption even further as other governments and organizations watch the project develop.

NFT, DeFi and Governance can attract new users

The second factor driving ALGO’s price tag is the Algorand Foundation’s recent moves to attract a more engaged and active online community.

The project is in the process of introducing governance features for ALGO owners that will go live on October 1st and will give users more say in the future development of the platform.

Project developers are also working on new DeFis and NFTs that could attract new users who want to get on the NFT train but are put off by high fees on the Ethereum (ETH) network.

“The Algorand ecosystem has grown significantly this year in terms of NFT, DeFi, and more. As we move forward, the Algorand-based DeFi adoption will be reinforced and decentralized governance will maintain that dynamic, ”said Stephen Duignan, Algorand Foundation’s director of marketing.

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According to Cointelegraph

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