Research Reports – Algorand Primer Overview Algorand is a smart-contracts platform and blockchain network capable of performing rapid transactions with relatively low fees and carbon output. Silvio Micali, a Turing award winner and professor at MIT whose work provided the foundation for modern cryptography, founded the project in 2017. Algorand can process over 1,000 transactions per second (TPS) while achieving transaction finality almost instantaneously. The protocol charges a tiny fraction of ALGO, the blockchain’s native token, to perform transactions on the network as well as to participate in consensus and governance. The supply of ALGO is capped at 10 billion, which was minted entirely at genesis. While a portion of the ALGO supply is withheld, there is a schedule to distribute the remaining supply into circulation transparently by 2030. Users incur little risk and cost to participate in Algorand’s consensus protocol. The network uses a novel variant of the Proof

Transactions on Avalanche Buck Trend vs. Other L1s Total value locked (TVL) among top Layer 1 protocols largely fell for the 7 days ending February 22, 2022, in part due to a decline in the broader crypto market (-10%). Terra was an outlier, however, with its TVL increasing roughly 11% WoW. Polygon saw a more pronounced decline relative to peers, with TVL dropping 18%. Avalanche saw the most moderate decline, with TVL dropping 1% over the period. The trend across many L1s seems to be declining transactions and user activity. Polygon, Ethereum, and Binance Smart Chain have seen a pronounced decrease in these metrics in recent months, which is indicative of bear market conditions. On the other hand, Avalanche and Fantom have seen robust growth in both daily transactions and unique users since the end of 2021. Exhibit 1. TVL Performance by Layer 1 (Data as of February 22, 2022)