CoinDesk reported that Algorand has introduced "stateful" smart contracts to attract decentralized finance (DeFi) projects from competitors. These contracts enhance efficiency by storing information in user accounts, leading to lower transaction fees and faster scaling. Alongside atomic transfers and Algorand Standard Assets, these new capabilities aim to overcome limitations such as high transaction fees and slow speeds that hinder mainstream blockchain adoption. Algorand’s founder Silvio Micali highlighted the potential of DeFi to offer a vast array of financial products and services. The update positions Algorand to compete more effectively in the DeFi space dominated by Ethereum.
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