CryptosRus is highlighting the best projects on your favourite protocols. Today we are covering the top projects on Algorand.  Covered: Intro To Algorand Three Top Projects Intro To Algorand Algorand, created by Silvio Micali (MIT professor, inventor of Zero-Knowledge proofs), has been quietly flying under the radar. But, in the past few months, a slew […] The post Three Top Projects On Algorand appeared first on CryptosRus.

Three Top Projects On Algorand

CryptosRus is highlighting the best projects on your favourite protocols. Today we are covering the top projects on Algorand. 

Covered:

  • Intro To Algorand
  • Three Top Projects

Intro To Algorand

Algorand, created by Silvio Micali (MIT professor, inventor of Zero-Knowledge proofs), has been quietly flying under the radar. But, in the past few months, a slew of dApps have launched on the smart contract platform.

Here’s a curated list of some of the best development on the smart contract protocol.

Recommended: What Is Algorand?

Yieldly Finance

Yieldly Finance is the go-to DeFi suite for Algorand. They offer no-loss prize games, staking pools, and cross-chain bridges. (Check out this article on no-loss prize games.) They are the main liquidity hub for DeFi on Algorand, which is nothing short of critical for DeFi to exist and thrive.

Users can stake many different ASA’s, or Algorand Standard Assets, which are equivalent to ERC-20 tokens. These ASA’s can be staked in the pools to earn impressive yields. These ASA’s include the native token ALGO, YLDY, OPUL, SMILE, ARCC, and XET.

Yieldly has become the launchpad for DeFi liquidity and staking for any project launching on Algorand. They have even partnered with the global crypto exchange MEXC to become the first launchpad for ASA tokens. They are also making inroads in Esports and the metaverse.

The Total Value Locked on Yiedly has surpassed $100 million. It’s stayed in that range in the last month or so, which is impressive growth considering they launched in July. Their native token YLDY has a market cap of nearly $45 million and is available on MEXC, Uniswap, as well as our next project, Tinyman.

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Yieldly’s updated roadmap can be found here.

Tinyman

Tinyman was the first AMM to launch on Algorand. You can think of it like the Uniswap of Algorand. The mainnet went live the first week of October.

Tinyman is a decentralized exchange, and its recent launch filled a significant need in the Algorand ecosystem. Using Tinyman users can trade pairs like ALGO/USDC and ALGO/USDT for the price of 0.001 ALGO with finality of 4.5 seconds.

The AMM also features goBTC (Algorand’s version of wrapped BTC) thanks to AlgoMint. Meaning you can trade Bitcoin at a fraction of the cost compared to basically any other AMM.

You can, of course, also provide liquidity in LP pools to earn “a 0.25% fee on all trades proportional to their share of the pool.” There is currently ~$27 million in liquidity so far and a daily volume of ~$5 million.

Think of how big Curv Finance, Uniswap, and Balancer have become on Ethereum. Having a permissionless, decentralized AMM native to the chain is the fulcrum of DeFi on any chain; allowing users to swap assets directly from their wallets. Before Tinyman, you would have to trade ALGO on a centralized exchange, now, all the ASA’s on Algorand can be traded very quickly and very cheaply.

Recommended: Anthony Scaramucci Declares Algorand Autumn

The TVL on Tinyman is around ~$28 million, and it is still very early for this AMM. They do not even have a token yet but are set to release one sometime in Q1 2022. Tinyman raised over $2.5 million dollars from the likes of Digital Currency Group and Arrington Capital, and their launch was perceived as the “ribbon cutting” for the Algorand dApp ecosystem to finally kick-off.

Tinyman’s updated roadmap can be found here. 

Lofty AI

Lofty AI is the least-known of the three featured dApps built on Algorand but has generated incredible growth since its launch.

Lofty AI allows users to “diversify into real estate investing in less than 5 minutes for only $50.” The properties are liquid, and you can sell your tokens representing the ownership of the property with “no fees or penalties”.

This fractionalized and tokenized ownership of real estate is a game-changer. It allows you to own property, without the complexities and burdens therein. It also makes a traditionally illiquid asset class liquid. 

Over $1.6 million of tokenized real estate has been sold on Algorand through Lofty so far. Frequently the properties sell out in minutes.

Looking at the available properties on Lofty, you can see the details of the property, the total tokens issued, the annual gross rents, and the total return you can expect to receive. After purchasing tokens, they will be sent directly to your Algorand wallet. Below is what you will see when looking at potential returns for a listed property.

Lofty is totally compliant with local and federal regulations, and the properties are put under contract into an LLC. “The value of your tokens over time is based on the fair-market-value (FMV) of the property itself.”

There are many details involved with the protocol, however, investing is easy and seamless, thanks to blockchain and tokenization. More details can be found in an FAQ here.

Lofty AI saw major investors jump in to the tune of $5 million. Big names such as Nvidia, Y Combinator, and Hustle Fund are backing the protocol. Not to mention, Jason Calacanis, an early investor in Uber, Thumbtack, and Robinhood, also invested in Lofty’s seed round. They were also just awarded a grant from the Algorand Foundation to further develop their tokenized real estate marketplace.

That wraps it up for the top 3 dApps on Algorand.

As honorable mentions, check out Opulous, Algomint, and Artory. 

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