Algorand [ALGO] hits new ATH TVL and here’s the why of it all

ambcrypto.com:

Algorand [ALGO] reached a new All-Time High (ATH) as its DeFi Total Value Locked (TVL) hit $273.87 million. According to DeFi Llama, the overall DeFi TVL recovered on 17 October but may not contribute as much as ALGO to the $54 billion recovery.

Data from the TVL aggregator showed that almost all the protocols under the ALGO chain increased in the last 24 hours.

Source: DeFi Llama

Here’s AMBCrypto’s Price Prediction for Algorand for 2022-2025

DeFi Llama revealed that the Algofi protocol registered a 15.47% uptick in the last seven days. Lending protocol, Folks Finance went up 19.18% within the same period while Decentralized Exchanges-based protocol had a 167% increase in the last thirty days.

However, it seemed that the protocols were not the only factors that played a part in the TVL rise. According to Santiment, Algorand had been immensely working on developments on its chain.

This was due to the increase recorded by the development activity. Santiment data showed that ALGO’s development activity was 19.71, at press time. Interestingly, the same metric had decreased to 8.85 on 11 October.

As for its social dominance, ALGO seemed to have revived interest in the coin across the ecosystem. This implied that more discussion has been centered around the asset with the metric’s rise from 0.143% to 0.626%, at the time of this writing.

Source: Santiment

In another interesting turn, ALGO announced that it had launched a new governance system called “Algofi governance.”