Algorand (ALGO) Blockchain Upgrades, Empowers Developers and Boosts Performance

• Algorand (ALGO) is a top-rated smart contract layer one (L1) blockchain with $95 million in total value locked (TVL).
• The Algorand network has recently undergone a major upgrade, reducing block time to 3.3 seconds and increasing processing speed by more than 10%.
• The new upgrade also includes Simulate for smart contracts to allow developers to rigorously test their dApps before deploying on the mainnet.

Algorand (ALGO) Blockchain Upgrades

The Algorand (ALGO) network, a top-rated smart contract layer one (L1) blockchain with more than $95 million in total value locked (TVL), has continued to flex its operations in the decentralized financial (DeFi) market. Recently, the Algorand core developers have provided a comprehensive Web3 development tool dubbed Algokit to enable seamless integration with the mainnet. Moreover, the team has released an upgrade that reduces block time to roughly 3.3 seconds while still maintaining instant transaction finality and providing scalability and security for DeFi traders.

Simulate for Smart Contracts

The new upgrade includes several enhancements including Simulate for smart contracts which allows developers to rigorously test their Dapps before deploying on the mainnet. This feature helps builders get higher quality dApps to market faster through customized data sets and faster and more efficient testing.

Increased On-Chain Activity

The growth of stablecoins on the ALGO ecosystem is another indication of increased on-chain activities. Notably, it had a stablecoins market capitalization of about $223 million at press time. Through these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing.

Flexible Ecosystem

Furthermore, while still looking at multi-chain capabilities, the Algorand ecosystem continues to grow amid cryptocurrency winter with its DeFi protocols. The team has remained active in upgrading the chain in order to attract more DeFi developers as well as ensuring flexibility within its ecosystem.

ALGO Price Trending Downwards

Despite all these developments, however, ALGO price is trending downwards having lost more than 96 percent of its value from its ATH. Nonetheless, this should not be taken as an indicator that all is not well within the Algorand network since most cryptocurrencies are currently facing similar trends due largely due to global economic difficulties occasioned by Covid 19 pandemic amongst other factors