September '24 Algo Insights Report

October 9, 2024

General

Written by: Algorand Foundation

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

September saw a significant surge in Daily Active Users (DAU), with the platform experiencing substantial growth in user activity. The launch of Coinbase Learning Rewards (Coinbase Quests) in mid-September proved to be a major catalyst for this growth, driving DAUs to a peak of approximately 180,000 users and pushing Monthly Active Users (MAUs) up nearly 34% from August.

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


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


Monthly Active Users (MAU)

September_Graph2 (1)


 

Daily Active Users (DAU)

DailyActiveUSers


 

What happened in September: Algorand experienced a surge in Monthly Active Users, up nearly 34%, hitting a yearly high of 1,342,596. Daily Active Users also peaked at approximately 180,000 throughout the month. This represented a significant increase from the pre-September levels of around 50,000 DAUs and 1,300,000 MAUs.

What is causing this: 
Two factors have impacted the increase in daily and monthly users. 

            • Launch of Coinbase Quests: The launch of Coinbase Quests this month drove the spike in DAU. These quests provided Coinbase users with an opportunity to engage with Algorand's platform and ecosystem, driving a surge in user activity.
            • Increased exposure to Algorand's dApps: As part of the Coinbase Quests, users could explore and interact with various dApps built on Algorand. This exposure likely contributed to the sustained increase in DAUs and MAUs, as different users discovered the potential of Algorand's ecosystem.

The bigger picture: The partnership with Coinbase was a strategic move to showcase Algorand as an operational and functional Web3 platform and ecosystem to everyday users. By providing Coinbase users with hands-on experience of the platform and its dApps, the Foundation aimed to attract and retain a larger user base. The sustained growth in MAU throughout the year, coupled with the significant spike in DAU during September, suggests that Algorand is providing real value to users.



News and Updates

From the Foundation

  • Coinbase Learning Rewards (Coinbase Quests) launched, giving millions of users quick and easy access to the Algorand ecosystem.
  • Token 2049 Singapore: At the Algorand Royale side event, people challenged a chess Grandmaster while different panels discussed Web3. 
  • Alchemy Pay now supports ALGO, USDC, and USDT on and off-ramps.
  •  Cardano's developer organization, IOHK, and Hedera joined Algorand and others as the final Founding Members of the Decentralized Recovery Alliance.
  • Our new video series, Solutions That Scale features Finboot as the first company, followed by HesabPay. All the case studies are here.

Algorand Regions

  • Algorand Nigeria: Read a round-up of the developer fest that preceded the latest MoU signing in Nigeria here.
  • Algorand Korea: Participants made new connections and played games in a side event at Korea Blockchain Week.

Algorand Builders

  • The Algorand Technical Council (ATC) shared updates with a key focus on the progress of Staking Rewards.
  • The Foundation launched regional hackathons in France, Nigeria, and Vietnam following the success of the Global Hackathon.
  • The Algorand Incubator concluded after an 8-week journey, during which 14 start-ups grew and learned under the Foundation's mentorship.

Ecosystem Round-up

  • NFDomains launched V3.0.
  • GoraBots launched NFT staking.
  • Travala's recent integration with Skyscanner allows over 100 million monthly users to book hotels with ALGO.
  • EXA Markets partnered with CoinList to bring a new EXA Rewards Campaign.
  • Pact and Lofty joined the Circle Alliance Program.
  • Folks Finance's xChain Mainnet move is live. 
  • Pera launched Discover V2.0

  • Lofty and CompX launched several updates to improve user interface and functionality.
  • ANote released multiple royalty payouts throughout the month.
  • Allo introduced transaction charts.

Algorand in the News

 How to Get Involved

  • Governance Period 13 opened on 1 October. Governors have until 14 October to commit their ALGO. Folks Finance’s gALGO offers liquid governance options, keeping liquidity intact and expanding across the ecosystem.
  • FNet, the consensus incentives temporary development network, is live. All projects wanting to prepare for consensus rewards can find more information here. A public Discord for discussion related to fNet will be set up soon on the Algorand server.
  • Regional Hackathon registrations are still open: 
                    Hackathon Vietnam registrations 
                    Hackathon France registrations
                    Hackathon Nigeria registrations

 Upcoming in September

  • October 9: Algorand Meetup: Next Gen Innovators in Paris, France. Sign up here.
  • October 18-19: Faculty Development Program: Mastering Blockchain with Algorand at G. Narayanamma Institute of Technology and Science, Hyderabad. 
  • October 22-23: Algorand will be at Blockchain Life Dubai.
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