Algorand News: Yield Monitor Joins the Algorand Ecosystem, Algorand Launches “Greener” Carbon Neutral NFTs and More

Last Wednesday, the Algorand Foundation announced that it would match all humanitarian donations in Ukraine up to 1 million Algo. Here are the details and summaries of other events that have transpired around Algorand since then:

Yield monitor for the Algorand mainnet onboard

Scalable Multithreaded Database and Analysis Toolkit Suite for Decentralized Finance Firms Yield Monitor has received a grant from the Algorand Foundation. As a multi-chain suite, it serves developers and investors, among others. The assignment will ease the process of onboarding the Algorand mainnet to its suite of tracked blockchains.

Algorand will join Ethereum, Fantom, Polygon, BSC and Avalanche in the number of networks to be included in the Yield Monitor database. The integration means the toolkit suite is now chasing its first mainnet incompatible with Ethereum VMs. The onboarding will allow it to add various Algorand DeFi protocols, allowing users to gain a redefined exposure and understanding of the on-chain metrics surrounding Algorand.

From now on, companies involved in DeFi, centralized finance (CeFi) and traditional finance (TradFi) will be authorized to offer users access to Algorand’s DeFi protocols, to develop new products on the protocols and from the protocols incorporate derived data into their products. Traders and investors in DeFi will be able to track assets held in wallets on the Algorand blockchain and also route cross-chain transactions to optimize efficiency and price.

In addition, they can track the price development of individual assets, liquidity pool assets and yield farming assets. The head of DeFi at the Algorand Foundation, Daniel Oon, expressed his belief that Yield Monitor would provide the necessary on-chain data needed to maximize the benefits from trades and a channel to tactically manage their DeFi – Assets would offer.

Additionally, Algorand integration for Yield Monitor would mean greater traction among supported users as it feeds its scalable database with data from a sustainable, high-performing, and scalable chain.

Algorand aims to cement zero-carbon status with a new range of green NFTs

The Algorand network on Tuesday unveiled a unique collection of NFTs that would verify that the digital tokens could be green. Algorand aims to leverage its first-mover status as the world’s first Pure Proof of Stake (PPoS) blockchain to bring greener, carbon-neutral NFTs to market.

The project includes Envision Racing’s Formula E team as part of the motorsport team’s Race Against Climate Change (RACC) initiative. The idea behind this is to accelerate the transition to clean, renewable energy and accelerate the large-scale adoption of e-mobility.

NFTs minted on Algorand are among the most sustainable, emitting just 0.0000004 kg of CO2 per token, a number well below industry requirements and in line with the CO2 Reduction Policy. Additionally, Algorand NFTs consume a fraction of the energy consumed by Ethereum NFTs — 0.000008 kWh per transaction versus 70 kWh per transaction.

The plan calls for all proceeds from users who purchase a collectible from the eight limited edition tokens of the on-track NFT series to be donated to the RACC mangrove tree planting effort in Madagascar. Each Helm NFT represents a city hosting a Formula E race including Rome, Monaco, Jakarta, Berlin, Vancouver, London, Seoul and New York.

Additionally, there will be 1000 City Edition helmet NFTs, with a Special Edition variant offering unique rewards. The NFTs can be minted the week before a race and will be publicly announced on race day.

Algorand pledges to match donations to Ukraine

In response to the Algorand community’s strong financial incentive to support humanitarian efforts in Ukraine, the Algorand Foundation said last week that it is committed to matching all donations up to Algo 1 million.

The foundation will conduct the “matching” through the end of April and promised to offer constant updates on the endeavor’s progress. Because the Ukrainian government was the first organization to onboard Algo donations, it was the first organization to be listed in the matching program. If further efforts are made to establish an algo donation program, they would be added to the list of beneficiaries.

To learn more about Algorand, visit our Investing in Algorand guide.

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