Algorand Protocol Updated to Facilitate DeFi App Development

Algorand and the non-profit Algorand Foundation announced an update to their protocol that will expand the platform’s capabilities in supporting complex DeFi applications, scalable to tens of millions of transactions per day.

Today, together with the @AlgoFoundation, we announce the launch of Algorand’s comprehensive smart contract capabilities that join our existing suite of features to power a new wave of sophisticated applications across #DeFi & beyond! Read more: https://t.co/5guiYTqqjf pic.twitter.com/2rm0K70iI0

— Algorand (@Algorand) August 19, 2020

A key element was the addition of stateful smart contracts.

It is anticipated that combining the new features with existing capabilities, such as atomic transfers, stateless smart contracts and Algorand Standard Assets (ASA1), will allow DeFi developers and dApps to create more sophisticated solutions and scale their applications.

“DeFi gives the world access to an almost unlimited range of financial products and services. It is important that the new generation of decentralized applications is not hamstrung by the shortcomings of first-generation blockchains,” said Algorand founder Silvio Micali.

In the project aimed at creating a “borderless economy,” it was noted that a year after the mainnet launch nearly 400 companies joined it. They use the platform for a wide range of applications, including:

• investing (Republic);
• tokenization of assets (Props);
• stablecoins (Tether, USDC, MELD Gold);
• CBDC (Marshall Islands);
• insurance (Attestiv);
• accounting (Verady).

Earlier, Monerium announced plans to issue digital money on Algorand.

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