algo - Pwim.Net

Algorand’s Listing on Coinbase Sparked 30% Price Surge and New All-Time High Market Capitalization

US cryptocurrency exchange Coinbase has listed Algorand on its platform. According to the Coinbase announcement, Algorand (ALGO) has been made available on Coinbase.com and its Apple and Android apps.

ALGO was previously listed on Coinbase Pro in August 2019, and the push for Algorand to be listed on Coinbase was due to the majority of customer requests, according to the statement.

Coinbase is also considering adding a new range of digital assets, including VeChain, Aragon, Bancor, Siacoin, Origin Protocol, and Ren to its potential listings.

Coinbase has been evaluating potential digital assets under its Digital Asset Framework, to review the project’s security and compliance before completing the listing on the exchange.

Other projects on Coinbase’s list include Arweave, COMP, DigiByte, Horizon, Livepeer, NuCypher, Numeraire, Render Network, SKALE Network, and Synthetix.

“Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions,” the Coinbase blog read. “As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”

With Algorand not being featured among Coinbase’s potential digital assets, ALGO’s listing on the exchange took the crypto community by surprise.

Algorand sees 30% surge after Coinbase listing, signaling altcoin season

Shortly after Algorand’s listing on Coinbase, ALGO’s market capitalization hit a new all-time high on its third-strongest day of trading in the crypto’s history.

After the crypto market crash in March, Algorand has been trading at a high, at above $0.35 for its second time in its history.

Chainlink also recently surged to an all-time high, $8.48, as recent new partnerships have instigated its bull run. Likely factors that pushed the crypto into its strong momentum were recent high-profile partnerships, price discovery, and the strong altcoin market.

Coinbase to go public

Coinbase has been reportedly planning for a stock market listing this year, which would make it the first major US cryptocurrency exchange to go public.

Reuters reported that as Coinbase is pursuing to go public, the listing would require the US Securities and Exchange Commission (SEC)’s greenlight. If the SEC approves the cryptocurrency exchange, it could mean a landmark victory for crypto to go mainstream.

The Drone Racing League and Algorand have Reached a $100M Sponsorship Agreement

The New York-based Drone Racing League( DRL) announced that has reached a five-year sponsorship agreement with crypto platform Algorand of $100 million.

The specific terms of the agreement regarding the cooperation and sponsorship have not been disclosed, but the Algorand cryptocurrency platform will take over the ownership of DRL from the sixth season which starts on September 29.

Rachel Jacobson, President of DRL, stated that the cooperation with Algorand is by far the most important sponsorship agreement and described the cooperation as “transformative” and “perfect marriage” according to the report from CNBC.

Rachel Jacobson added that:

“When you look across what’s happening with crypto and blockchain, you have to make sure that you’re targeting the right audience.”

Former NBA executive Jacobson described contemporary young people as digital masters and said that athletics can help new companies to raise awareness of the brand, but cryptocurrency companies still need to educate young audiences about the field.

Established in 2015, DRL is the global, professional drone racing property for elite pilots. The current global audience is more than 75 million.

The Boston-based Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists.

Last year, Coinbase and Circle Centre Consortium have expanded USDC from Ethereum to Algorand’s blockchain as part of its multi-chain USDC framework—to bring scalability and performance improvements to the digital dollar stablecoin for global consumer payment adoption.

Crypto is demonstrating its strength and power in the sports field. As reported by Blockchain.News on March 3, Hong Kong-based crypto exchange Crypto.com has partnered with Aston Martin Formula 1 team, ahead of the British car maker’s 2021 F1 car launch.

Algorand CEO Steven Kokinos Steps down, COO Takes over the Helm

Algorand CEO Steven Kokinos stepped down as the head of the company, effective immediately. Sean Ford, Algorand’s current Chief Operating Officer (COO), has been appointed as Interim CEO, effective July 27, 2022, the company said on Wednesday.

Kokinos is leaving the blockchain technology company to pursue other interests and will stay on as a senior advisor until mid-2023.

As COO at Algorand, Ford was in charge of go-to-market execution and operations, including product management, engineering, marketing and global community development.

Silvio Micali, the founder of Algorand, talked about the development: “We thank Steven for his time and dedication to Algorand. He has been instrumental to the initial success of our business, and we appreciate his commitment to a seamless transition. Sean is well positioned to partner with me to keep the company operations running business as usual and to help us transition Algorand to our next phase of growth.”

Ford also commented: “I am honoured to step in and partner with Silvio during this transition. Algorand has experienced monumental growth since its inception, and we look forward to our continued expansion as we take Algorand to the next level.”

Ford joined Algorand in 2018 from software provider company LogMeIn where he served as Chief Marketing Officer.

Founded in 2017 by Turing award winner and MIT professor Silvio Micali, Algorand is a fully decentralised, secure, and scalable blockchain network that offers a common platform for developing products and services for a borderless economy.

In March, the Algorand blockchain announced that it added over 6 million new accounts to its network since the start of the year.

AlgoExplorer data showed that the total number of accounts on Algorand at the beginning of the year was 17,373,299, while on 10th March 10, that number stood at 23,548,065. This means that the company added more than 6 million users to its platform, which represented a 35% gain from the start of the year.

One reason for the huge increase in interest in the Algorand blockchain platform as well as its native cryptocurrency, ALGO, could be the network’s major technical improvement, which allows Algorand-based products to run on other blockchains and in low-power contexts like smartwatches and smartphones.

Algorand Initiates Voting for Expanded Governance and NFT Rewards Programs

Key Takeaways

Algorand Foundation opened voting for its Period 8 governance measures from September 1 to September 15, 2023.
The foundation aims to auto-renew the xGov Grants Program and increase allocation for the NFT Rewards Program.
Total stake voted so far stands at 575.7 million Algo, with 7.8K governors participating.
The native token $ALGO has seen a sharp decline from $3 in 2021 to its current price of $0.094.

Governance Measures in Focus

The Algorand Foundation has entered the voting phase for Period 8, Session 1, focusing on initiatives including the xGov Grants Program and the NFT Rewards Program. The voting window is open from September 1, 2023, until September 15, 2023, and has already seen 575.7 million Algo staked and 7.8K governors participating.

The core of the voting session is aimed at auto-renewal mechanisms for the xGov grants and an increased allocation for the NFT rewards scheme. Preliminary results show strong approval from the Algorand community.

Although the Algorand Foundation is working to expand its ecosystem and add more functions, its native token, $ALGO, has plummeted from $3 in 2021 to just $0.094.

xGov Grants Program: Piloting for Sustainability

The xGov Grants Program is in its pilot phase, and 26 projects have submitted proposals for grants amounting to around 5 million Algo. The community aims to refine the xGov Minimum Viable Product (MVP) to better filter and select impactful projects. This voting session also includes a measure that seeks to “automatically top up the xGov grant allocations by tapping into the quarterly governance rewards available.”

If approved, the top-up mechanism will activate when the remaining grant funds drop below 1 million Algo, ensuring continuity. Currently, the measure has gained 76.68% approval, according to the foundation’s data.

NFT Rewards Program: Measuring Success and Proposing Expansion

The NFT Rewards Program initially allocated 500K Algo to boost Algorand’s NFT community. Since its launch in late July to early August 2023, the program has seen significant results. For instance, Rand Gallery experienced a 4X jump in transaction volume within the first week of the program. Another platform, Shuffl, saw a notable increase in listings and user engagement, while Algogems doubled its monthly volume to 33K by mid-August.

The current voting session proposes to extend the NFT rewards program and increase the allocation from 500K to 1 million Algo. However, this measure has so far received less favor, with only 42.23% approval, according to current data.

Future Outlook

These governance measures provide an outlook into how the Algorand Foundation is seeking to sustainably manage the grant allocation and strategically incentivize its growing NFT ecosystem. The decisions made during this voting session will play a critical role in shaping the Algorand community’s initiatives for the upcoming fourth quarter of 2023.

Algorand Foundation Joins Forces with Borderless Capital, Arrington Capital, and DWF to Invest in Pera Algo Wallet

The Algorand Foundation, in partnership with Borderless Capital, Arrington Capital, and DWFLabs, has announced a strategic investment in the Pera Algo Wallet. This investment aims to expedite the expansion and adoption of the Algorand ecosystem by enhancing the capabilities of this self-custodial wallet.

Pera Algo Wallet, an open-source platform, empowers users to securely store, purchase, and trade cryptocurrencies on the Algorand blockchain. The Algorand Foundation’s commitment to providing essential tools and support for ecosystem growth is exemplified by its decision to support and nurture Pera Algo Wallet.

Under the leadership of CTO HYigitGuler, the core engineering team of Pera Algo Wallet will continue to advance the platform’s features and functionality. Oversight of Pera Algo Wallet will be assumed by the Algorand Foundation’s EVP of Ecosystem Growth, mintwt, and Principal Architect, Bruno Martins, who brings a wealth of experience in wallet architecture, mobile applications, applied cryptography, and encrypted messaging systems.

The Algorand Foundation reaffirms its dedication to fostering a diverse ecosystem by pledging continued support for various Algorand wallets, including Defly, Exodus, Fireblocks, Ledger, MyAlgo, DaffiWallet, and more.

Pera Algo Wallet, which recorded over 1 million new app downloads in 2023, will maintain uninterrupted wallet services and customer support for existing users following this strategic partnership.

This investment by the Algorand Foundation underscores its commitment to bolstering the cryptocurrency ecosystem. It is anticipated that this collaboration will pave the way for further advancements within the Algorand network, potentially expanding opportunities for cryptocurrency adoption and utilization.

For those interested in gaining deeper insights into this partnership and its implications for the Algorand ecosystem, the Algorand Foundation will host a live event on their Spaces channel at 12:00 pm EDT.

The Algorand community has enthusiastically received this announcement, with members expressing optimism about the potential use of $Algo for payments on platforms like Shopify. This showcases the growing enthusiasm within the Algorand community.

The Algorand Foundation’s dedication to nurturing the Algorand ecosystem through strategic investments exemplifies its commitment to the blockchain industry’s growth and development.

Including ALGO, XLM, and AERGO, Binance to Remove Select Spot Trading Pairs

Binance, one of the world’s leading cryptocurrency exchanges, has announced its plans to remove several spot trading pairs from its platform on March 8, 2024. The decision comes as part of the exchange’s periodic review process, which aims to maintain a high-quality trading market and protect users’ interests.

According to the official announcement, Binance will cease trading for the following spot trading pairs at 03:00 UTC on March 8, 2024: AERGO/BTC, ALGO/BNB, CTSI/BNB, FARM/BTC, FUN/ETH, and XLM/BNB. The exchange has advised users to update or cancel their Spot Trading Bots associated with these trading pairs prior to the cessation of services to avoid potential losses.

It is important to note that the delisting of these spot trading pairs does not affect the availability of the tokens on Binance Spot. Users can still trade the base and quote assets of the affected trading pairs on other available trading pairs within the platform.

Binance regularly conducts reviews of its listed spot trading pairs to ensure optimal liquidity and trading volume. The exchange considers multiple factors when making the decision to delist trading pairs, prioritizing the protection of its users and the overall health of the trading market.

This announcement follows Binance’s established delisting guidelines, which are designed to be transparent and fair to all users. The exchange has provided a list of frequently asked questions (FAQs) to address common concerns and clarify the delisting process for affected tokens and spot trading pairs.

As the cryptocurrency market continues to evolve, exchanges like Binance must adapt and make necessary adjustments to their offerings. By removing underperforming or illiquid trading pairs, Binance aims to streamline its platform, improve user experience, and maintain a robust trading environment for its global user base.

The delisting of spot trading pairs is not an uncommon practice among cryptocurrency exchanges. In the past, Binance and other major exchanges have removed trading pairs that failed to meet certain liquidity and trading volume thresholds. This process helps to concentrate trading activity on more active and liquid markets, thereby enhancing overall market efficiency and user experience.

Moreover, the removal of underperforming trading pairs can also help to reduce the potential for market manipulation and other malicious activities. By focusing on high-quality and actively traded pairs, exchanges can better monitor and maintain the integrity of their trading markets.

Binance’s commitment to regular market optimization through the review and delisting of spot trading pairs demonstrates the exchange’s proactive approach to ensuring a healthy and sustainable trading environment. This ongoing process helps to protect users’ interests, foster trust in the platform, and support the long-term growth and development of the cryptocurrency industry as a whole.

Users are encouraged to stay informed about the latest updates and announcements from Binance by following the exchange’s official communication channels, including their website, blog, and social media accounts. As always, it is crucial for cryptocurrency traders and investors to conduct thorough research, understand the risks involved, and make well-informed decisions when participating in the market.

As Binance continues to lead the way in the cryptocurrency exchange space, its efforts to maintain a high-quality trading market through the strategic delisting of spot trading pairs serve as an example for other exchanges to follow. By prioritizing user protection, market efficiency, and long-term sustainability, Binance is helping to build a more robust and trustworthy cryptocurrency ecosystem for all participants.