Spreading the news was the foundation itself, which, while on the one hand urged users of the wallet to withdraw their crypto assets, it also claimed that the blockchain had not been compromised. Last March, Algorand’s Layer 1 blockchain had suffered a cyber attack that affected users of MyAlgo, the third-party wallet created by Rand Labs. Again, this is a sharp drop from over $200 million in February, according to data from DefiLlama. Hence, speaking of DeFi, it is also interesting to look at the total value locked (TVL) on Algorand, which currently stands at $59 million. Such statements by the US regulator, may have affected the development and growth of DeFi projects on Algorand. When you then consider that the US Securities and Exchange Commission (or SEC) recently labeled the ALGO crypto as an unregistered security, the issue is no longer just one of price. Indeed, BTC and ETH have been bullish in price since July 2022, +47% and +62%, respectively. Looking at the price chart of Algorand (ALGO), the crypto does not seem to be doing very well.Īnd indeed, compared to last year, ALGO has experienced a price dump of -64%, as it has gone from $0.29 to the current $0.11.Ĭomparing with major crypto assets by market capitalization such as Bitcoin (BTC) and Ethereum (ETH), ALGO is bucking the trend. Algorand and the performance of the crypto ALGO
AlgoFi is the DeFi protocol that holds 55% of Algorand’s value. The cause of this is “ a confluence of events” that have occurred over the years, such as the sharp decline in activity on the Algorand blockchain. In a roundup of tweets and in its blog post, AlgoFi explains to its community the tough decision to shut down the platform precisely because, going forward, they will no longer be able to provide the support necessary to keep the protocol at its high standards. We have some unfortunate news to share regarding the Algofi protocol.Īfter a lot of reflection, the team has recently come to the unfortunate decision to begin winding down the protocol.- Algofi July 10, 2023
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