Algorand Surges as Foundation Incentivizes DeFi Activity on Algofi

Posted on by American Coins & Gold

Algorand Surges as Foundation Incentivizes DeFi Activity on Algofi
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.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.“Through a partnership with the…