- Algorand’s ecosystem shows growth, however, its TVL continues to decline
- Its NFT sales also took a hit along with its development activity
One of the biggest DEXes on Algorand, tinyman, announced a new update on November 25th. The new Tinyman AMM v2.0 protocol has reportedly been introduced to the community.
This offers benefits to users in more ways than one. However, its main focus will be to provide a “better user experience” and a strict “safety mechanism”.
Meet the new Tinyman AMM v2.0 protocol! 🎉
Next generation smart contracts on #Algorand, opens the doors to a new Tinyman world with brand new features, a better user experience and a renewed safety mechanism. 🕺🚀
#DeFi #blockchain #tradedefies
https://t.co/6qe9s51ydl pic.twitter.com/TAidCmSktB— Tinyman (@tinymanorg) November 25, 2022
Instead, the DEX saw growth in terms of volume and the number of unique addresses. It is here that it is noted that the increasing interest in Algorand’s dApps can be beneficial for the long-term growth of the ecosystem.
Read on Algorand Price Prediction 2022-2023
Tinyman makes big moves
According to data from Dapp Radar, the number of transactions on the DEX increased by 27.3% in the last 24 hours. In addition, the number of unique active wallets on the DEX grew by 3.79% in the same time period.
However, the volume on the DEX continued to decrease, as can be seen from the image below.
Source: Dapp Radar
Despite the growing interest in Algorand’s DEX, its TVL it decreased greatly after 10 November.
At the time of writing, the total value locked on Algorand was $129 million and its TVL appreciated by 1.93% in the last 24 hours.
Source: DefiLlama
The NFT angle
Also, Algorand has not been able to mark its presence in the NFT space either. As is clear from the chart below, the weekly sales for Algorand’s NFTs have fallen sharply over the past few months.
However, despite the sell-off, NFT volume for Algorand has increased in the last 24 hours. According to Stocktwits NFTAlgorand’s NFT volume appreciated by 5% in the last 24 hours.
The highest NFT collection during that period was the MNGO collection.
Source: nftexplorer
Algorand metrics on the chain fail?
In terms of metrics on the chain, Algorand succumbed to the pressure of the bear market.
Its volume depreciated significantly over the last week, going all the way from 442 million to 56.2 million. Ecosystem development activity has also decreased, as can be observed in the table below.
A reduction in development activity implied that the number of contributions being made Algorand‘s GitHub by its developers had slowed down significantly.
Source: Santiment
The number of active addresses on the network also depreciated by 34.87% during the last seven weeks, according to Messari.
At the time of writing, ALGO was trading at $0.2455. Its price had appreciated by 2.26% in the last 24 hours, and its market capital dominance decreased. At press time, Algorand had snapped up 0.25% of the overall crypto market.
