Algorand (ALGO), a smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported by Messari.
Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.
Algorand Witnesses Surge In Transaction Volume In Q3
Per the report, the non-fungible token (NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter.
This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.
Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses and witnessing a 2% increase in total daily average transactions compared to the previous quarter.
However, Algorand’s total stablecoi
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