Algorand Surges as Foundation Incentivizes DeFi Activity on Algofi

[Pagla]

Tokens of Algorand (ALGO) have added as much as 10% in the past 24 hours, becoming one of the few gainers on Thursday morning even as the broader crypto market extended its decline.

ALGO hit a resistance level at $1.60 in early European hours on Thursday, jumping from the $1.40 level on Wednesday night, data from CoinGecko showed.


Algorand was among the few gainers on Thursday morning. (TradingView)

The move came hours after the Algorand Foundation, which oversees development on Algorand, announced a $3 million incentive program for Algofi, a decentralized finance (DeFi) platform that relies on smart contracts to offer low-cost lending and borrowing services to users.

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