Algorand's largest DeFi protocol Algofi to shut operations

Algorand's (ALGO) largest decentralized finance protocol, Algofi, will wind down because current events have made its continued operations non-viable, according to a July 10 statement. “A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company.

Timeline of Algorand

Algorand (ALGO), a veteran blockchain project, announces the activation of a crucial network software upgrade. It allows the blockchain to process transactions faster and equips Algorand-focused developers with a number of brand-new instruments.

Algorand (ALGO) and web3 investment firm DWF Labs have teamed up in a $50 million deal, per Chainwire. The partnership aims to help support and grow the blockchain through liquidity provision and project development funding, particularly those related to DeFi, art and music, gaming, oracles and bridges, and infrastructure.

Algorand, the “pure” proof-of-stake Layer-1 blockchain network, continues to deliver the advanced technology required to power real world applications with its latest protocol upgrade that unleashes faster block times, as well as other improvements.

Algorand (ALGO), the innovative blockchain platform, has recently implemented a groundbreaking protocol change, resulting in a remarkable reduction in block confirmation time to a mere 3.3 seconds. This revolutionary development has significantly enhanced the network's speed, thus addressing the crucial challenge of scalability by increasing transactions processed per second (TPS).

Algorand (ALGO) has delivered a protocol upgrade to cut block confirmation times to approximately 3.3 seconds, boosting network performance that reduces block confirmation times to approximately 3.3 seconds, significantly improving network performance. Block time refers to the time miners or validators take to verify a transaction and produce a new block.

Algorand (ALGO), the next-generation blockchain platform, has announced a major protocol upgrade that unleashes key new features for streamlining application development. The protocol upgrade, now live on Mainnet, reduces block time to roughly 3.3 seconds while maintaining instant transaction finality.

The proof-of-stake network Algorand upgraded its platform on Thursday. It has introduced various improvements to ensure cost-efficient and quicker app development. Moreover, the update will significantly reduce block time. The blockchain's officer Paul Riegle said that lowering block time from 3.8 seconds to 3.3 seconds represents the largest percentage reduction.

Popular social trading platform eToro is halting purchases of layer-2 scaling solution Polygon (MATIC), smart contract platform Algorand (ALGO) and two other altcoins after a US regulator labeled them as securities.

Trading platform eToro announced on Monday that it would delist four crypto assets for its US customers, citing “recent developments.” On Monday, social investment platform eToro said it would delist four crypto tokens from its platform for US customers.

The investment provider will delist four cryptocurrencies for U.S. customers in response to the SEC's lawsuits against Binance and Coinbase.Customers will not have the option to open new ALGO, MANA, DASH, and MATIC positions from July 12.Users can still hold and sell their positions until further notice.eToro cited “recent developments” as the reason following securities claims in filing against the two major cryptocurrency exchanges. The U.S. Securities and Exchange Commission enforcement actions against crypto exchanges Binance and Coinbase continue to reverberate throughout the industry as investment platform eToro plans to delist four digital assets that are allegedly unregistered securities.