One project that has benefited heavily from an uptick in adoption has been ALGO, which is a pure protocol of proof-of-stake. This protocol aims at transforming into a go-to-base layer for the entire global financial industry. This seems especially relevant now since real-world adoption is what truly makes a difference when it comes to being a successful network of blockchain.
According to data that was received from TradingView and Cointelegraph Markets Pro, it can be understood that ever since bottoming down at $0.67 on the 20th of July, the price of the protocol has increased by 268% to reach a high of $2.47 on the 9th of September.
El Salvador Builds On ALGO
This sudden increase in the trading volume and price of ALGO comes after the announcement of El Salvador recognizing Bitcoin as a legal tender. Also, El Salvador went on to select the blockchain of this protocol to develop the country’s blockchain infrastructure. The network of this protocol has definitely received some increasing amounts of attention from larger institutions and governments- especially due to their work on the digital currencies of central banks.
The selection of ALGO by El Salvador can definitely be seen as one of the most significant votes of confidence which the project has witnessed to date- which can definitely lead to some major large-scale adoption with other institutions and governments looking on as the project progresses.
One other reason behind the development and increase in the price of ALGO has been the recent developments created by the Foundation of the protocol in order to push the community to get more involved with the activities and projects present on the network. The project is surely in the process of throwing out major governance features for token holders- which would be going live on the 1st of October while providing users with more voice in the future development on the blockchain platform.