ALGO FCAS climbed 124-points (16.8%) since the beginning of August, due to a 289-point (51.24%) spike in User Activity. Developer Behavior and Market Maturity also increased 9-points (1.04%) and 60-points (7.18%) respectively.
On July 31st, the Props Project announced it was migrating from a Hyperledger private sidechain, to Algorand’s proof-of-stake platform. Props’s network of independent apps uses Props Token as a reward mechanism, thereby giving users a stake in the system. Users who hold these Props Token then get in-app benefits.
The Props Project, which includes popular dating app Dating.com, brought a lot of users to the Algorand blockchain. Props handles over 700,000 transactions daily at 5 transactions per second. This proved to be difficult for their private blockchain to handle, so they moved over to Algorand, which can handle upwards to 1,000 transactions per second.
The Flipside Data Cooperative reveals a 618% increase in median ALGO daily transactions in the past 30 days, as well as a 137% spike in median daily volume – which currently stands at 17M USD. The number of median daily unique addresses has also climbed 24% in the past month.
Dating.com, a conglomerate of 15 international dating apps that have more than 73 million registered users between them, invested in Props Project and intends to integrate Props into some of its applications. Blockchain has often been criticized for a lack of adoption, so to see its adoption by a consumer-facing project with millions of users is a promising sign.
About Algorand (ALGO)
Algorand is a public, pure proof-of-stake blockchain launched in 2018 by a Boston-based team and founded by Turing award winner and cryptographer Silvio Micali. The technology company is dedicated to removing friction from financial exchange, and powering the DeFi wave. Its native cryptocurrency is the ALGO.