Lead image: PR Newswire
In recent times, following numerous developments in the DEFI space, lots of major crypto projects have been really proving themselves as being more and more relevant through various improvements and innovations to expand their use cases.
Actually, a very good example of such crypto projects is Algorand.
Basically, Algorand is a decentralized blockchain that aims to be a platform that allows for both scalable, as well as secure transactions. Like most other modern blockchains, Algorand also supports smart contracts functionality allowing for the operation of decentralized applications.
Algorand operates on a proof-of-stake consensus mechanism allowing for users of the blockchain to be able to stake and earn rewards.
The main token governing the Algorand ecosystem is ALGO. ALGO is a native token that can be used to pay for transaction fees on the blockchain and for the development of applications by developers. Of recent, Algorand has introduced its governance protocol which also further extends the use case of ALGO- Holders can be allowed to make governance decisions on the blockchain.
ADVANTAGES OF USING ALGORAND
Launched in 2019, the Algorand blockchain has proven itself to be really worthy of mention. This, of course, has to be because of certain advantages it possesses over some counterparts.
Advantages like being a platform for scalable, secure, low-cost, and environmentally efficient transactions are some that could be considered really interesting. You can confidently perform transactions knowing fully well that they are secure, fast, and would not bug you with excessive fees!
Asides from these aforementioned, Algorand is one blockchain that regularly improves itself with series of important developments.
As of now, lots of organizations, institutions, and companies including Tether, IDEX, Circle, and StakerDAO are even also utilizing the Algorand Platform.
DECENTRALIZED FINANCE (DEFI) AND ALGORAND
DEFI as we know it is a more modern and convenient way to do 'it'. Yes, a better way to perform financial transactions. And no doubt Algorand does not in any way, fall behind.
Lately, lots of projects and developments are starting to surface with each addressing various aspects including DEFI, infrastructure, entertainment, gaming, identity, supply chain, etc.
Algorand proclaims itself as the future of finance- FutureFi, as it aims to be the force that will power the convergence between decentralized and traditional finance models. This of course, does not seem to be a bluff- the way I see it, the Algorand team is actually working towards making this a success. One step at a time.
SOME INTERESTING ALGORAND PROJECTS TO LOOK OUT FOR
Algorand being a favorable platform to thrive, there are plenty of great projects currently building on Algorand. While there are hundreds of them, I actually find some of these projects quite interesting. I will talk about some briefly below;
Being one of the first projects to get smart contracts live on Algorand, Yieldy is a platform natively built on Algorand with the aim of all utilizing the power of DEFI and allowing users access to various pools, staking, and even swap of ASA assets.
Yieldy also has a bridge that allows users to transfer assets across various platforms.
Allow me to introduce you to the first decentralized exchange on Algorand! Tiny man is a decentralized trading protocol that utilizes the fast and secure Algorand blockchain to allow users to swap Algorand assets and interact with liquidity pools.
Users of Tinyman can seamlessly interact with the DEX and provide liquidity without having to worry about excessive fees and usage costs. Although just newly launched, Tinyman seems to be gaining lots of adoption and more users are beginning to use it regularly.
Smilecoin is an Algorand project with the main focus on gaming. It has an aim to facilitate the decentralization of gaming activity by enabling users to view, manage, and track their gaming activity on a secure public platform.
All these also come at a cost-effective advantage and high scalability rates.
I guess the entire concept of DEFI on any blockchain cannot be complete without having a secure platform to successfully launch new DEFI projects via IDOs.
Trust me, the name is as literal as it sounds as the main aim of the project is to provide a platform through which users can have a 'fair' advantage to access new projects via IDOs.
And oh, the meme part? well...while memes could be good ways to present witty ideas in a weirdly funny and simple way, the project team chose the name because their platform will provide opportunities to access IDOs and rewards far beyond the cost of the initial investment.
After all said...I hope you enjoyed reading this article. PS: This article in no form, hopes to portray financial advice, and you should deem it fit to do your own research before investing in ANY crypto project generally
Thank you for reading! :)