Algorand Foundation’s Voting Phase Highlights NFT Rewards Program Expansion


  • The Algorand Foundation has begun the voting for Period 8, Session 1.
  • Between September 1-15, 2023, 575.7 million Algo have been staked, with 7.8K governors actively participating.
  • In its pilot phase, 26 projects are competing for grants totaling 5 million Algo.

The Algorand Foundation has ushered in the voting phase for Period 8, Session 1. This session zeroes in on two major initiatives: the xGov Grants Program and the NFT Rewards Program. From September 1 to 15, 2023, the foundation has witnessed an impressive 575.7 million Algo staked. Moreover, 7.8K governors have stepped forward to participate.

Central to this voting session is the proposal for auto-renewal mechanisms for xGov grants. Additionally, there’s a push for a heftier allocation to the NFT rewards scheme. Early indicators reveal a robust thumbs-up from the Algorand community.

Yet, it’s not all smooth sailing for Algorand. Despite its efforts to bolster its ecosystem, its native token, $ALGO, has taken a hit. It nosedived from $3 in 2021 to a mere $0.094 recently.

The xGov Grants Program, currently in its pilot phase, is drawing attention. A total of 26 projects have thrown their hats in the ring. They’re vying for grants that cumulatively touch the 5 million Algo mark. The community’s goal is clear. They intend to fine-tune the xGov Minimum Viable Product (MVP).

To adeptly sift through and cherry-pick projects with a high impact quotient. This session also brings to the table a unique proposition. It’s about an “auto top-up” for the xGov grant allocations. This will be sourced from the available quarterly governance rewards.

If this sees the light of day, the mechanism will spring into action. It will kick in when the grant funds dwindle below the 1 million Algo threshold. This ensures a seamless flow of funds. As of now, this proposal enjoys a healthy 76.68% approval, as per the foundation’s records.

On the NFT front, the Rewards Program has made waves. Initially, a sum of 500K Algo was earmarked to energize Algorand’s NFT community. The results post its July-August 2023 launch have been noteworthy. Case in point, Rand Gallery. It reported a fourfold surge in transaction volume in just a week. Shuffl, another platform, registered a spike in listings and user activity. Algogems wasn’t far behind, doubling its monthly volume to 33K by mid-August.

However, the current session’s proposal to amplify the NFT rewards program allocation has met with mixed reactions. The idea is to bump it up from 500K to 1 million Algo. But, as things stand, it’s garnered a lukewarm 42.23% approval, based on the latest data.

The Algorand Foundation’s latest voting session is a testament to its commitment. It’s a clear nod to expanding governance and rewarding its NFT community. Only time will tell how these proposals pan out. But one thing is certain: Algorand is on the move.