September 10, 2020. Today we launched the Algorand Community Console, a new interactive platform for users to dive deeper into Algorand’s blockchain data. With DeFi and cryptocurrency markets moving so rapidly, we found it important for users to be able to examine what is happening on-chain, in real time. Anyone can access it for free at algorand.flipsidecrypto.com.
Algorand 2.0 was launched back in November 2019. It introduced a set of important new features, including Algorand Standard Assets (aka ASAs, which are Algorand’s form of ERC-20 tokens, i.e. anyone can create any type of asset – currencies, stablecoins, tickets, securities, etc. – to be represented on the Algorand blockchain); atomic transfers (which allow the transfer of any number of assets to multiple parties); and smart contracts.
Props’s network of independent apps use Props Token as a reward mechanism, thereby giving users a stake in the system. Users who hold these Props Token then get in-app benefits.
Below is a screenshot taken from the Algorand Community Console, which shows the sudden spike in the number of unique ASAs existing on the Algorand blockchain when Props moved its member apps over.
Algorand’s on-chain data can tell us how much users are collectively spending on transaction fees. An increase in the amount spent on transaction fees directly reflects an increase in demand for ALGOs or ASAs. The data shows that users are spending more on transacting ASAs (green) than ALGOs.
YouNow, an American live broadcasting service, is way ahead of the game in terms of volume, with 39.8M YouNow Props reward tokens being transacted since the move of Props Project to Algorand. Far behind in second place is Camfrog, a video chat and instant messaging platform.
PlanetWatch: If we focus on the last month only, the PLANET token shows up in 4th place in terms of most users. This token is part of PlanetWatch’s initiative to gather air quality data on the Algorand blockchain and reward users who are hosting the sensors needed to do so. The number of users receiving these rewards seems to be increasing steadily every week, as well as the total amounts being transacted.
Tether: Tether is the most widely used stablecoin currently in circulation. It is available on the Ethereum, TRON, Omni and EOS blockchains, and in July 2019 it announced it would also be available on Algorand. Algorand’s on-chain data shows a major spike in the number of users transacting USDT, from a total of 35 in August to over 2,000 in September month-to-date.
USDC: The second largest stablecoin in circulation, USDC, just announced it is also integrating with Algorand. Before this USDC was only available on the Ethereum blockchain. The new integration will come with a set of developer tools and APIs that will let users transfer their USDC between the two blockchains.