Validators process transactions and receive fees from users (supply-side fees).

Algorand is a smart contract platform for decentralized applications (a blockchain). Algorand was founded by Silvio Micali and launched in 2018.

ALGO holders own and govern the protocol. They currently take a cut of the transaction fees paid by users (revenue). Algorand's investors include Union Square Ventures, Multicoin Capital, Pillar, etc.

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Algorand

# Algorand Staking market cap Methodology

## 1. Overview

Staking market cap measures the total USD value of native assets currently participating in Algorand's Pure Proof-of-Stake consensus. The capital actively securing the network is reflected by this metric. Accounts are marked as "online" when a key registration (`keyreg`) transaction is submitted. The total ALGO held by all online accounts is calculated and converted to USD.

## 2. Data sources

- **Blockchain events**: `Totals.online.mon` values from ledger state deltas and block metadata, covering Algorand
- **External data**: End-of-day price feeds for native assets

## 3. Step-by-step calculation

### Component A: Online stake extraction

- **Purpose**: Capture the total ALGO held by accounts participating in consensus at one representative block per day
- **Logic**: The `Totals.online.mon` field is extracted from ledger state deltas for the last block of each day. Data is sourced from the Algonode public archival endpoint `/V2/deltas/{round}`. This field is defined as the protocol-level sum of all ALGO in accounts registered for consensus via `keyreg` transactions. Total online money is captured without filtering for the 30,000 ALGO minimum participation threshold. Lower figures may be shown by some external sources that exclude accounts below this threshold or foundation accounts.
- **Key fields**: `online_money` (microAlgos), `block_number` (round)

### Component B: Unit normalization and daily aggregation

- **Purpose**: Convert values to ALGO and align to daily timestamps
- **Logic**: Raw amounts are normalized by decimal precision to convert from microAlgos to ALGO. Each block is joined with block metadata to obtain timestamps, which are truncated to day granularity.
- **Key fields**: `block_number`, `timestamp`, `total_staking` (ALGO)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize staking values to USD for cross-chain comparison
- **Logic**: Daily ALGO staking totals are multiplied by end-of-day asset prices. Conversion is handled using daily timestamps and asset identifiers.
- **Key fields**: `staking_market_cap` (USD)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of native tokens currently staked to secure a proof-of-stake network.

AlgorandALGO

Staking market cap

Staking market cap

Competitive landscape