Algorand Adds Over 15% On Incentive Plans To Reward 2 Million ALGO To Users In Q1 2022
the Algorand network announced a new initiative to offer two million ALGO tokens as liquidity rewards for a product built on its platform. ALGO, the native cryptocurrency of the Algorand blockchain, has grown by over 15% in the past 24 hours, a striking performance against the backdrop of the broader crypto market.
With the recent launch of @algofiorg, users can now lend and borrow against their ALGO, USDC, goBTC and more. Learn more about their platform and a new initiative that will distribute 2M ALGO to Algofi users in the first quarter of 2022 👉 https://t.co/rUqNmZqQDf pic.twitter.com/TFTPtrWfAz
– Algorand (@Algorand) December 29, 2021
Algofi, Algorand’s premier algorithmic and stablecoin money market, has partnered with the Algorand Foundation to distribute two million ALGO tokens, or $ 3 million, in the first quarter of 2022, through the Aeneas liquidity program. From January 2022, users who provide, borrow and wager on Algofi will algorithmically earn ALGO rewards.
According to the Algorand Foundation, the $ 3 million Liquidity Mining Initiative is expected to drive DeFi adoption. On November 30, Algofi announced seed funding of $ 2.8 million at Decipher, Algorand’s annual community conference. According to data from DeFiIlama, Algorand saw a positive increase of 11.79% in the last 24 hours and + 22.55% over seven days in TVL, with a total value stuck at $ 108.05 million at the time. from going to press.
Algorand Price Action (ALGO)
Algorand (ALGO) climbed higher as investors bought no. 18 cryptos. The latest rise above the psychological level of $ 1,600 put the bears on the defensive. ALGO / USD rallies above the Daily Moving Average (MA 50) at $ 1.669 confirm that near-term sentiment has turned positive.
The moving average (MA 200) at $ 1,400 serves as immediate support. Its breakout is unlikely, and if it does occur, it could trigger a correction forcing the remaining buyers out. Then $ 1,258 would be the next support in this scenario. Ahead is the resistance of $ 1,800 seen on the daily chart.
A break above the December high of $ 2.039 would be a strong signal that the bulls may have the last laugh. During this session, trend followers look to continue above the psychological level of $ 1,600.
At the time of going to press, Algorand’s price is $ 1.68, with a trade volume of $ 676,360,105 in the past 24 hours. In the last 24 hours, Algorand has gained more than 15%. It has a live market cap of $ 10,630,076,558 and is currently ranked No. 18 on CoinGecko data. There are 6,366,661,988 ALGO coins in circulation, with a total supply of 10,000,000,000 ALGO coins.