Algorand Sees 34% Rise in Monthly Active Users After Coinbase Rewards Launch
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- Algorand saw a significant increase in user activity in September, with Daily Active Users reaching 180,000 and Monthly Active Users up by 34%.
- The growth is attributed to the launch of Coinbase Learning Rewards, which drove user engagement with Algorand’s platform and dApps.
Algorand has reported a significant rise in user activity for September 2024, according to its latest Algo Insights Report. The platform’s Daily Active Users (DAUs) peaked at around 180,000, while Monthly Active Users (MAUs) surged nearly 34% from August, reaching a yearly high of over 1.34 million.
This uptick is attributed to the launch of Coinbase Learning Rewards, which allowed users to engage with Algorand’s ecosystem through interactive quests.
The Coinbase Quests, launched mid-September, were a major driver behind this growth, as they offered users the opportunity to explore decentralized applications (dApps) on Algorand. This increased exposure to the blockchain’s ecosystem played a crucial role in sustaining the growth in both daily and monthly user numbers. Prior to September, DAUs hovered around 50,000, making the 180,000 spike a noteworthy leap in activity.
Additionally, Algorand’s Total Value Locked (TVL) in USD saw an increase in September, continuing the upward trend observed in previous months. The platform’s stablecoin market capitalization also rose, reflecting greater confidence in Algorand’s blockchain infrastructure.
Other developments within the Algorand ecosystem include new partnerships and product launches. For example, Alchemy Pay now supports ALGO for on-and-off ramps, and NFDomains released its V3.0. Algorand has also expanded its global footprint, with regional hackathons being launched in France, Nigeria, and Vietnam, following the success of its global hackathon initiative.
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