The Algorand Foundation recently shared its monthly report, highlighting a remarkable increase in user engagement on the platform throughout September.
This surge in activity, particularly in Daily Active Users (DAU), was largely attributed to the introduction of Algorand Coinbase Learning Rewards, which launched in mid-September. This initiative helped DAUs soar to around 180,000, marking a significant rise of nearly 34% in Monthly Active Users (MAUs) compared to August.
To put this into perspective, September saw MAUs reach a record high of over 1.34 million, a notable jump from the previous month’s figures of about 1.3 million. The increase in user activity can be linked to two main factors: the launch of Coinbase Quests, which encouraged users to engage with Algorand’s ecosystem, and heightened exposure to various decentralized applications (dApps) available on the platform.
The broader implications of this growth suggest that Algorand is successfully delivering value to its users. Additionally, the Algorand blockchain experienced an uptick in Total Value Locked (TVL) and stablecoin market capitalization, following a significant increase in August.
In other developments, Algorand showcased its efficiency, revealing that enterprise blockchain developers can create products 600% faster on its platform compared to Ethereum. Alchemy Pay has also begun supporting ALGO, USDC, and USDT for transactions.
Moreover, Algorand has welcomed new members to the Decentralized Recovery Alliance and published insightful case studies on blockchain applications in ESG and payments.
The Algorand Technical Council is making strides in enhancing Staking Rewards, and the Foundation has initiated regional hackathons in France, Nigeria, and Vietnam, building on the success of a global event.
The Algorand ecosystem continues to thrive, with various projects launching updates and new features, including NFT staking by GoraBots and a partnership between Travala and Skyscanner, enabling users to book hotels using ALGO. Overall, the month of September has been a pivotal time for Algorand, showcasing its growing influence and the vibrant community surrounding it.
