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Welcome to the latest edition of the Weekly Pulse, a weekly Algorand news wrap-up segment presented by Algopulse. As ever, we welcome your feedback so if there is anything you would like us to add, please let us know on Twitter. For more from Algopulse visit https://www.algopulse.io/.
FTX Support Algorand USDC Stablecoin
Cryptocurrency exchange giant FTX has this week announced new support for the Algorand USDC stablecoin on its platform. One of the largest exchanges across the entire crypto ecosystem, this announcement comes just three months after Algorand was first listed on FTX. With over 1 million users this latest integration is set to provide yet more exposure to the Algorand to a large user set.
Envision Racing Race Against Climate Change to Feature in Time Magazine
The Algorand commercial partner Envision Formula E team has teamed up with Time Magazine and star of Netfilx’s Umbrella Academy Aidan Gallagher to raise awareness for the Race Against Climate Change campaign. This promotion is focused on Envision’s mangrove tree planting initiative which has already planted over 107,000 trees. Aidan Gallagher, who is the face of the campaign, spends much of his time off camera as an advocate for social change and is a UN Environment Programme Goodwill Ambassador. The promotion is set to feature in Time Magazine who themselves are a partner of the Envision Racing Team. You can find out more about the Race Against Climate Change here and make a pledge to the cause.
Milkomeda Receives SupaGrant from Algorand Foundation
The Layer 2 protocol Milkomeda has this week been announced as the latest recipient of the Algorand Foundation SupaGrant. The grant was awarded so that Milkomeda could work on bringing new EVM capabilities to the Algorand Blockchain as well as increasing cross-chain interoperability.
"Through the SupaGrant the Algorand Foundation has provided key support for enabling Milkomeda A1 to get off the ground and become a reality," says Milkomeda Foundation Director Rob Kornacki.
"We are excited to be the first project bringing rollups and the EVM to the Algorand ecosystem, and look forward to sharing many of the engineering insights we've acquired with the developer community to help spur further growth. We are looking forward to being a key part of the ecosystem as a whole with a core focus on bringing new capabilities and experiences to all Algorand users."
Algofi Governance Launch
Algorand's largest defi protocol by TVL, Algofi, has this week announced its new governance mechanism. Utilizing the platform’s native $BANK token, users can stake and receive $veBANK tokens for voting power. Proposals put forward are determined in the Algofi governance forum. Once selected $veBANK holders can vote on proposals proportional to the quantity of tokens they hold. You can take part in the first Algofi governance session here.
Borderless Capital Deploy New Liquidity into DeFi Ecosystem
Borderless Capital, Algorand’s largest Venture Capital firm, has announced the deployment of new funds for several defi protocols in its portfolio. The firm took to Twitter to confirm that over 100 million ALGOs have been distributed to Folks Finance, Tinyman, Pact, Humble, GARD, and Yieldly. The funds are set to support liquid governance and defi strategies across the various projects involved.
Hone Announce Pivot in Functionality
The Algorand defi protocol Hone has announced a change in direction this week pivoting from a governance focused platform to token streaming. In a statement on Twitter the project confirmed the decision and outlined the reasoning.
“Due to the ongoing changes and uncertainty around Algorand Governance, Hone has decided to change course and become the premiere token-streaming and payments platform on Algorand,” the statement said.
“Distributing tokens to project contributors and investors is currently a manual process, requiring repeated admin and risking human error with each transaction. Instead, wouldn't it be better to set and forget a contract that periodically unlocks tokens for your recipient? That's where Hone comes in. With our platform, we will make managing the token-distribution process trustless and hands-off, freeing up your time and headspace.”
The statement went to say that a testnet protocol will be launched soon in a further announcement.
Anchain Integrates With Algorand
The risk prevention and security platform Anchain has announced a new integration with the Algorand blockchain. The move is set to enable Algorand to improve its security for measures such as fraud prevention, FATF compliance, and more.
"As the rails for the financial system continue to adopt blockchain technology, more effective technologies such as Algorand call for more effective risk management," said CEO of AnChain.AI Victor Fang, Ph.D.
"AnChain.AI's powerful artificial intelligence and Web3 analytics suite will empower the developers of tomorrow to meet this institutional demand."
Algorand Publish Governance Update
Algorand’s Chief Economist, Massimo Morini, and Head of Market Analytics and Research, Michele Treccani have published their summative report on the recently concluded Algorand Governance Period 4. The report provides a snapshot of key statistics related to the period as well as analysis of the effect of each action taken. Users can read the full report here.
Algorand Share Use Cases for Gaming
Algorand have published a new featurette on use cases for its protocol in the gaming space. The piece explained that due to Algorand’s speed and low-cost nature actions like in game purchases can run seamlessly on an Algorand-powered game. Six use cases of gaming protocols are then highlighted by the piece showing the potential for Algorand-powered gaming even at this early stage. Users can read the full article here.
Price Watch (Algo Explorer)
Thank you for reading this week’s edition of the Weekly Pulse as we look forward to continue bringing this content to the Algorand Community. Was there anything that we missed? If so let us know on Twitter where you can also send us any news you see throughout next week for our next instalment. For more from Algopulse visit https://www.algopulse.io/.
