The Algorand (ALGO) blockchain has added over 6 million new accounts to its network since the beginning of 2022.
According to AlgoExplorer data, the total number of accounts on Algorand at the turn of the year was 17,373,299, while at press time, this number was 23,548,065. This represents a 35% gain from the start of the year.
A fortuitous string of occurrences
One reason for the enormous increase in interest in ALGO could be the network’s major technical improvement, which would allow Algorand-based products to run on other blockchains and in low-power contexts like mobile phones and smartwatches.
Algorand also anticipates the development of London Bridge, a trustless bridge that will connect the platform to Ethereum (ETH). In order to make this happen, the Algorand Foundation awarded Applied Blockchain a grant in February 2022.
It’s also worth noting that the Algorand Foundation hired a new CEO, none other than former JPMorgan executive Staci Warden, only a few days before the award announcement. She brings a wealth of experience from her previous positions at Nasdaq, the US Treasury Department, and the Milken Institute.
Grayscale Investments added Algorand to its list of assets under consideration as one of the 25 new token entries in January 2022. ALGO was one of numerous Layer 1 blockchain coins that were added to the list.
Notably, Algorand had already begun the year on a high note, even before the Grayscale announcement. Anthony Scaramucci, the former White House Communications Director and founder of alternative investment firm SkyBridge Capital, complimented Algorand, projecting its future as “the Google” of cryptocurrency.