Share this article
Algorand Readies On-Chain Smart Contracts as the Summer of DeFi Rolls On
The "stateful" smart contracts are a watershed for DeFi projects, Algorand claimed.
By Danny Nelson
Updated Sep 14, 2021, 9:45 a.m. Published Aug 19, 2020, 10:06 p.m.
Algorand has unveiled a fresh set of smart contract capabilities aimed at luring decentralized finance (DeFi) projects away from its larger competitors.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The main iteration appears to be Algorand's addition of "stateful smart contracts" alongside features such as atomic transfers and Algorand Standard Assets that already run on the blockchain's base layer.
- Simply put, these "stateful" smart contracts increase efficiency by storing certain information in user accounts, rather than its own code, according to a blog post by Algorand founder Silvio Micali.
- That efficiency allows Algorand to charge static network transaction fees at low cost and scale faster than other competing DeFi-friendly chains.
- "Until now, restrictions around scale, transaction speeds and high transaction fees have been barriers to mainstream blockchain adoption," Algorand said, taking multiple pot-shots at the current DeFi leader, the Ethereum blockchain.
- Algorand clearly wants to woo its own batch of YAMs, yield farmers and the innumerable DeFi products that have sprouted up like mushrooms on Ethereum all summer. "DeFi gives the world access to an essentially unlimited number of financial products and services," Micali said in the statement.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.
What to know:
- KindlyMD turned to Kraken for a $210 million loan “bearing a fee of 8% per annum” with maturity on Dec. 4, 2026.
- The company said it will use the proceeds to satisfy its obligations to Antalpha Digital in full.
- Kraken becomes the company’s fourth financing source this year following earlier arrangements with Yorkville Advisors, Two Prime and Antalpha.
Top Stories
