Algorand recently saw a 57% daily rise in price following El Salvador’s announcement that it would use the blockchain to build its government infrastructure. Algorand is known for its advanced technology, and the company has partnered with multiple governments to implement a wide range of blockchain strategies. Algorand’s Algofi will also launch a DeFi lending app on the platform by the end of the year. While the coin has a high token supply of 10 billion and is already in the top 20 by market cap, it has potential to break into the top 10 with an 180% pump by year’s end.
Algorand’s Impressive Recent Gains
Algorand’s recent impressive gains have not gone unnoticed, especially considering the rest of the market has been struggling since the manipulated flash crash. With a daily gain of 57%, people are now questioning if Algorand is in the race for the top 10 or if this is just a pump and dump.
Algorand’s Blockchain Capabilities
Although Algorand does not pay into the crypto hype machine, it is a blockchain project with some of the best technology in the industry, making it an underrated project. The blockchain has a team most respected in the industry, and it possesses the ability to handle the level of activity demanded by any nation-state.
El Salvador’s Government’s Blockchain Infrastructure with Algorand
El Salvador’s government blockchain infrastructure is being built with Algorand, as the project was chosen to assist with the country’s plan to adopt blockchain adoption beyond Bitcoin. Due to its extensive history working with governments, Algorand is considered an excellent choice for the government of El Salvador. The government’s blockchain network will be developed by Koibanx, one of the leading crypto companies in Latin America, which has already begun using Algorand in the development of government services.
The Advantages of Blockchain Technology
Blockchain services can be used to make government services more efficient and less bureaucratic, making it easier for citizens to access stimulus or government funding. Likewise, banking and public records can be moved to the blockchain, providing people across the country with better access to financial services. The culture of the blockchain industry is built on the ideals of decentralization and freedom, and blockchain technology levels the playing field like never before.
Algofi’s DeFi Lending App for Algorand Blockchain
Algofi, a DeFi lending app for the Algorand blockchain, recently announced its upcoming launch, allowing investors to earn high interest yields using their crypto assets. Algofi is one of the most anticipated platforms to come to the Algorand blockchain, and it plans to launch for public use by the end of this year.
Algorand is not a moonshot crypto; its partnerships and fundamentals are expected to see it through the bear market. With ample ways to stake ALGO, its potential return of 4% a year is a solid investment return. ALGO is just over $2 per coin, and with its high coin supply of 10 billion, it is already in the top 20 by market cap and could move up to the top 10. Expect more moves from this under-the-radar blockchain project.