As the stagnation in the cryptocurrency markets continues, some altcoins are diverging. New on-chain data has been published for the native token of Algorand, one of the Decentralized Finance (DeFi) platforms, ALGO.
DeFi platform data aggregator DeFi Llama shared a critical on-chain graph of ALGO. According to Llama’s post, the value of total digital assets locked in Algorand reached a new peak of $273 million.
According to the data announced by the platform, all protocols under the ALGO blockchain have closed the last 24 hours with a rise.
Folks Finance, one of the startups operating on the ALGO network, gained 19% and Algofi 15.50% in the last week.
Developer Activities of ALGO Network on the Rise!
Another on-chain analysis came from Santiment as the total amount of digital assets locked on the network peaked.
According to data from Santiment, developer activity on the ALGO network is on the rise again. Exactly 1 week ago, the developer index bottomed out at 8.85. However, there was a recovery in the past week. The developer index on the ALGO network doubled in 1 week to 19.71.
The rise in the developer index may be related to new developments in the DeFi platform. Algorand made a new announcement on its Twitter account on Monday. A new governance system called “Algo Governance” has been launched in the ALGO network.
With Algo Governance, developers will have a say over the Algofi protocol.
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