The decentralized cryptocurrency Algorand (ALGO) has reached record highs in total assets locked (TVL) rates.
The popular decentralized project Algorand has been on the agenda especially with its NFT and metaverse works. ALGO, which continues to be active within the scope of network configuration and developments, could not meet the expectations in terms of price. In addition, the project team announced the launch of a service called Algofi.
Algorand Gained Interest in DeFi with Algofi
Algorand announced its DeFi service Algofi as part of its network improvements. With this announcement, the project, which attracted the attention of crypto money investors, experienced growth in network activity.
According to data released by DeFi Llama, the Algofi protocol has seen a 15 percent increase over the past seven days. The increase in activity of the loan protocol also positively affected the approach to the Algorand network.
But the increasing TVL on the popular network has also been affected by different enhancements. According to Santiment, the project team spent a lot of time developing the network. As a result of this work, there was an increase in network development activities. ALGO development activities saw an increase of about 20 percent.
Algorand Data, ALGO Price
With the effect of the developments in the Algorand network, the TVL rate approached 237 million dollars. This amount was the highest TVL level reached by the network. Overall DeFi TVL rates experienced a $54 billion increase. In this inflow, the growth of the ALGO side, although small, was the highest level for the project.
In the social metrics section, positive signals were received for Algorand. According to Santiment data, there has been an interest in the ALGO ecosystem. The project, which experienced a rise in terms of social activity and dominance, gained a strong momentum. It rose from about 0.143 percent to 0.626 percent.
The general stability in the price of ALGO also attracted new investors to the project. These investors contributed to the rise of TVL by discovering network activities. The Algorand network, which is seen as a reliable port for additional income against staking and inflation, gave a positive mood in the metrics.
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