The Algo Insights Report: October 2024

Welcome to October’s edition of The Algo Insights Report, your monthly update for news and insights from the Foundation, the Algorand blockchain, the ecosystem, and more.  

CTO John Woods announced on November 8 the launch of Algorand’s Staking Rewards at the Staking Summit in Bangkok. These rewards will be given to users who help secure the network by staking their ALGO. Due to launch in December, stay tuned for more updates in the coming weeks.

October saw a surge in asset creation on Algorand, with new assets more than doubling compared to September. The network saw 1,185,205 new assets created - a 136% month-over-month increase from September's 502,663. This growth was largely driven by TravelX's success, which achieved a milestone of over 1 million NFT tickets created in October alone.

The rest of the report will include the Foundation's latest developments, important metrics, ecosystem updates, community news, and regional highlights.

MAUs refer to any wallet which sent at least 1 txn in the month. 
Data Sources: Nodely DW, Defillama

New Assets Created 

New Assets Created

What happened in October: Algorand saw a substantial uptick in new assets created during October, with the month showing a 136% increase compared to September. The total number of new assets created jumped from 502,663 in September to 1,185,205 in October.

What is causing this: Real-world uses for Algorand drove the increase in new assets created as ecosystem partners see successes.

• • • • • TravelX NFT ticket growth: TravelX has been a large driver of this growth, surpassing a significant milestone of 1 million tickets created in October alone.
        • Sustained upward trend: Throughout September and October, there has been an upward trajectory in new asset creation, with TravelX's NFTicket creation causing notable spikes towards the end of last month.

The bigger picture: This growth represents a substantial shift from the previous baseline of around 500,000 new assets created per month. The 136% month-over-month increase demonstrates significant ecosystem growth. The dramatic rise in asset creation suggests growing adoption of Algorand's infrastructure for real-world applications.

News and Updates

From the Foundation

• European payments fintech company ZTLment moved from Ethereum to Algorand.
• The first Algorand Incubator concluded with 14 projects going through the 8-week mentorship. 
• The Algorand Foundation released its Q3 2024 Transparency Report. 
• World Chess and FIDE helped host the Algorand Cup Chess competition through October. 
• Solutions that Scale: Watch case study videos on Quantoz, Data History Museum, Folks Finance, and URECA. 
• The Algorand team faced some mean tweets and came out mostly unscathed. 
• Bitcoin, Ethereum, and Solana Maxis shared their ‘advice’ in the Park Bench Advice series.

Algorand Regions

• Global news channel Arise News featured Algorand Nigeria.
• AlgoBharat has opened registrations for the 2024 Algorand India Summit.
• AlgoBharat held a Connect event in Hydrabad.

Algorand Builders

• CTO John Woods provided an update on AlgoKit 3.0., Staking Rewards, and Peer to Peer Relay.
• The Algorand Technical Council discussed Fnet2 and plans for Fnet3, Staking Rewards, and integrating hardware wallets.
• ARC-62 was released, introducing an easy-to-use getter method to track the circulating supply of ASA.
• Algo Devs YouTube Introduced the 1-minute Algorand Python Series. 

Ecosystem Round-up

• Gora Network celebrated its 3rd anniversary since winning the Algorand hackathon in 2021. 
• The Disaster Services Corporation used the Kare Survivor Wallet App to distribute vouchers to Mississippi tornado victims.
• SEWA launched its Digital Health Passport pilot. 
• Finboot launched the MARCO Track & Trace on Google Cloud Marketplace.
• FinBoot partnered with OpenAtlas to address EU Deforestation Regulation (EUDR) compliance.
• CompX launched its $COMPX governance token. 
• CompX introduced Accolaids, allowing users to showcase achievements with NFTs.
• The impact of Coinbase Learning Rewards on Algorand
  • • • • • Pera Wallet: + 141,000 new downloads
          • Tinyman: + 120,000 participated in the quest
          • Folks Finance: +105,000 unique wallets
          • EXA Market: +85,000 unique wallets
          • NFDomains: +27,000 unique wallets

Algorand in the News

• Coinmarketcap covered Algorand's leadership in the European crypto market regarding MiCAR-compliant stablecoins.
• John Woods discussed post-quantum cryptography & blockchain with Dagnum P.I. 
• Financial Times featured Lofty in print and digital.
• AllinCrypto interviewed CMO Marc Vanlerberghe on driving Algorand adoption.
• Luther Maday, Head of Payments and Real World Assets, spoke to CoinGape.

 How to Get Involved

• Governance Period 13 voting will run from November 28 to December 12.

 Upcoming in September

• Nov. 8: John Woods spoke at the Staking Summit. Stay tuned for the recording.
• Nov. 13-14: AlgoCafe Bangkok will offer developer workshops, free coffee, and tuk-tuk rides to Devcon. You can also join the Algorand Funkytown Happy Hour during Devcon. 
• Nov. 13: The Stakehouse Community Town Hall. Register here
• Nov. 14: CEO Staci Warden will speak at Web Summit.
• Nov. 19: UNDP will launch its next Academy event.

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