Algorand [ALGO] embraces USDC native to Ethereum through…
ambcrypto.comAlgorand may not be the most popular blockchain network but it has quickly been climbing up the ranks. It owes this growth to the rapid development aimed at leveraging the demand for fast and affordable layer-1 solutions.
Its latest development features the rollout of Ethereum native USDC through the newly launched Messina bridge.
Here’s AMBCrypto’s price prediction for Algorand (ALGO)
The Messina bridge launch is one of the recent developments to grace the Algorand network. It will allow users to safely and efficiently access and bridge native USDC on the Algorand network. The development will eliminate the mint and wrap model, making it easier for cross-network wealth transfer.
<p lang=«en» dir=«ltr» xml:lang=«en»>Dear #algofam, we are pleased to announce our first launch on #mainnet today! #messina bridge uses a #liquidity model to enable #interoperatibilty between native #USDC on Ethereum and Algorand. See our announcement here: https://t.co/DIXPaJKTG8— Messina.One (@MessinaOne) October 11, 2022
The native USDC availability on Algorand has the potential to boost the network’s utility. Such an outcome will likely have a positive impact on the demand for Algorand’s native cryptocurrency, ALGO.
Well, the cryptocurrency attempted to exit its lower 2022 range at the end of August and even managed a 50% rally. However, its price has retraced by 32% from its September top to its $0.313 press time price.
Source: TradingView
ALGO’s price action slid further in the last 24 hours at press time. This suggested that the USDC and Messian bridge news was not good enough to influence an ALGO demand shift.
Similarly, the news did not reflect positively on Algorand’s development. The network’s development activity metric has been on an overall
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