ALGO’s ecosystem shows potential amidst bear market, but what do metrics say?

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  • Algorand’s ecosys­tem shows growth, how­ev­er, its TVL con­tin­ues to decline
  • Its NFT sales also took a hit along with its devel­op­ment activity

One of the biggest DEX­es on Algo­rand, Tiny­man, announced a new update on 25 Novem­ber. Report­ed­ly, the new Tiny­man AMM v2.0 pro­to­col was intro­duced to the community. 

It would offer ben­e­fits to users in ways more than one. How­ev­er, its main focus would be to pro­vide a “bet­ter user expe­ri­ence” and a tight “safe­ty mechanism.”

In lieu of this, the DEX wit­nessed growth in terms of vol­ume and the num­ber of unique address­es. It’s here to be not­ed that the increas­ing inter­est in Algorand’s dApps could be ben­e­fi­cial for the ecosystem’s long-term growth.


Read Algorand’s Price Pre­dic­tion 2022–2023


Tinyman makes big moves

Accord­ing to data by Dapp Radar, the num­ber of trans­ac­tions on the DEX increased by 27.3% in the last 24 hours. More­over, the num­ber of unique active wal­lets on the DEX grew by 3.79% in the same time period. 

How­ev­er, the vol­ume on the DEX con­tin­ued to decline, as can be seen from the image below.

Source: Dapp Radar

Despite the grow­ing inter­est in Algo­rand’s DEX, its TVL declined mas­sive­ly after 10 November.

At the time of writ­ing, the total val­ue locked on Algo­rand was at $129 mil­lion and its TVL had appre­ci­at­ed by 1.93% in the last 24 hours.

Source: DefiLla­ma

The NFT angle

Well, Algo­rand wasn’t able to mark its pres­ence in the NFT space either. As made evi­dent by the chart below, the week­ly sales for Algorand’s NFTs declined mas­sive­ly over the past few months. 

How­ev­er, despite the declin­ing sales, the NFT vol­ume for Algo­rand increased in the last 24 hours. Accord­ing to Stock­twits NFT, Algorand’s NFT vol­ume appre­ci­at­ed by 5% in the last 24 hours.

The top NFT col­lec­tion dur­ing that peri­od was the MNGO col­lec­tion.

Source: nft­ex­plor­er

Algorand on-chain metrics declining?

In terms of on-chain met­rics, Algo­rand suc­cumbed to the pres­sure of the bear market.

Its vol­ume depre­ci­at­ed sig­nif­i­cant­ly over the last week, going all the way from 442 mil­lion to 56.2 mil­lion. The ecosystem’s devel­op­ment activ­i­ty declined as well, as can be observed in the chart below. 

A decline in devel­op­ment activ­i­ty implied that the num­ber of con­tri­bu­tions being made to Algo­rand’s GitHub by its devel­op­ers had reduced significantly.

Source:Santiment

The num­ber of active address­es on the net­work also depre­ci­at­ed by 34.87% over the last sev­en weeks, accord­ing to Mes­sari.

At the time of writ­ing, ALGO was trad­ing at $0.2455. Its price had appre­ci­at­ed by 2.26% in the last 24 hours, and its mar­ket cap dom­i­nance decreased. At press time, Algo­rand had cap­tured 0.25% of the over­all cryp­to market.



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