Calaxy announces creator fund, HBAR USDC gets major break
Top utility coin news from the week from Algorand, Hedera and more
Happy Monday! As we start the week, here are a few bits of news in the utility cryptocurrency space that you might have missed. This week we have news around Algorand and Hedera.
Hedera version of USDC added on top exchanges
If you’ve been in crypto for some time, you know how important it is for an altcoin to have its own version of USDC. It’s essentially a method to swap between active and passive, and in liquidity pairs it provides a great deal of stabilization. Hedera just announced its version of USDC will be included on Binance, the world’s largest crypto exchange, along with crypto.com. Both of those are big gets for the hashgraph.
Algorand briefly overtook ETH in number of nodes, on track for that to be permanent
A lot of hoopla came about as the number of Algorand nodes briefly skyrocketed past the number of Ethereum nodes last week. What most people missed is that it was brief - there was a big dip in Ethereum nodes on Etherscan, and after the number corrected Ethereum remained in the lead. But node growth continues to surge on Algorand, at 5,800 nodes. But twist! The number recently dropped to 4,900m according to Nodely.
Calaxy on Hedera adds creator fund
Calaxy is a pretty unique platform on the Hedera hashgraph. It allows creators to monetize their content through crypto. I partnered with a similar project on Algorand that never really got off the ground. Calaxy just announced at South by Southwest a $1 million creator fund aimed at supporting 50 creators on the app. For those who make content on the platform, that’ll be a nice boost.
P2P coming to Algorand
One of the criticisms that Algorand gets is that it’s not fully decentralized because of its relay nodes. To address this, Algorand CTO John Alan Woods announced that the next Algorand update would add a Peer-to-Peer (P2P) Gossip protocol, much like Hedera has, which will eliminate the need for centralized relay nodes. The best part is that this will happen very soon, since it will occur in the next update from the Algorand Foundation. Woods mentioned this in a thread about the Algorand Foundation removing stake, which is also a very good thing.
Algorand insight report looks fantastic
Algorand’s latest insight report came out recently, and there are some good metrics. And frankly, some not-so-good metrics. On the plus side, transactions and total number of wallets grew, as did the total number of nodes and stablecoin TVL. In the flip side, TVL (Total Locked Value) is down, as are contracts deployed and monthly active users. See the full report here.
In case you missed it
FIFA announced it will be creating a new coin this week - and it already mints its NFTs on Algorand:
Be sure to check out
Remember the FrugalBC YouTube channel livestreams nearly every Friday at 12:15 pm CST. Come join us! In addition, FrugalBC is on Twitter/X and Kick.
Want to maximize your safety in crypto? Check out Ledger:
Non-Fungible Domains: Turn your long complicated wallet address into an easy to remember .algo address for a one-time, affordable fee.
MARCUS: Follow the memecoin and NFT project based on Marcus Aurelius (in this case, Marcus Furrelius) built on the Algorand blockchain.