Algorand Hits New Milestone of 3000 Nodes

Algorand (ALGO) has recorded a new milestone in the number of validator nodes.  According to a recent post on Reddit, the layer-1 network has surpassed 3000 nodes, signalling an increase in the network’s decentralization. 

Algorand Crosses 3000 Node Milestone

Launched in 2019, the Algorand network brands itself as one of the fastest layer-1 networks, with low fees and near-instant settlements. The blockchain leverages a pure proof-of-stake (PPoS) consensus mechanism and supports governance participation through holding or staking ALGO tokens.

According to recent data, Algorand’s validator nodes have grown significantly this month, surging from 2999 to a current figure of 3072. Notably, this milestone essentially strengthens the decentralization of the network as well as signals increased interest in the blockchain. 

This impressive record positions the network as one of the most decentralized blockchains based on the number of validator nodes. It is surpassed by Ethereum and MultiversX, each currently sitting at 5,712 and 3,606 nodes, respectively. 

Algorand Surging Ecosystem

A further review of on-chain data also shows an uptick in the social media presence of Algorand. The network ended 2024 on a particularly strong note. Engagement rates surged to 7.2% in Q4, significantly outperforming the 4.3% rate recorded in the first three quarters of the year.

Furthermore, there has been a 64.5% total follower growth in the social media platform X during Q4, with 13,196 new followers joining the community compared to 7,251 combined in the first three quarters.

The blockchain also surpassed a $3 billion market capitalization, currently ranking 44th among cryptocurrencies. Coinglass data reveals that open interest, which measures active futures contracts, has risen by over 65% to about $156.46 million

This momentum reflects a growing interest and increased public awareness regarding the opportunities offered by the Algorand network.

At the time of writing, Algorand has experienced a notable uptick in price within the last 24 hours. It is currently exchanging hands at $0.4461, representing an 11.29% surge. 

As Algorand continues to register more network participation and growing interest, users remain highly bullish and anticipate further gains.