Algorand to distribute 2M ALGO to drive DeFi adoption; tokens soar

Algorand (ALGO-USD) tokens surge 20% after the Algorand Foundation, which facilitates the development of ALGO, partnered with Algofi, Algorand's first algorithmic money market and stablecoin, to launch a $3M liquidity mining initiative. The Algorand Foundation will distribute 2M ALGO tokens in Q1 2022 through the Aenas Liquidity Program, according to an Algofi blog post. Starting in Jan. 2022, Algofi users will earn ALGO rewards when they borrow and lend ALGO, STBL, USDC, goBTC and goETH on the Algorand (ALGO-USD) network. Meanwhile, bitcoin (BTC-USD -1.1%) and ethereum (ETH-USD -1.6%) trade slightly lower in the past 24 hours, though the global crypto market cap gains 0.9% so far. Since mid-November, Algorand (ALGO-USD) ticks up to the 19th largest crypto by market cap, now standing at $10.6B.