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 Token holders Methodology

## 1. Overview

Token holders measures the number of unique addresses that hold a non-zero balance of Algorand's native asset, ALGO. This metric is used to track the distribution and growth of the network's user base over time. By filtering for addresses with positive balances, the metric distinguishes between active participants and accounts that have been closed or emptied.

## 2. Data sources

- **Blockchain events**: Native asset transfers and account activity records from Algorand
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Net flow aggregation

- **Purpose**: Capture the daily change in the native asset balance for every active address.
- **Logic**: Daily net flows are extracted for the native asset across all account addresses. Values are rounded to six decimal places to align with microALGO precision and eliminate potential floating-point artifacts. This aggregation accounts for all transaction types, including standard transfers and specific operations such as close-remainder transactions, which ensure that outflows are accurately captured when an account is fully emptied.
- **Key fields**: `account_address`, `value` (net flow), `timestamp`

### Component B: Running balance calculation

- **Purpose**: Establish a continuous historical balance record for every address.
- **Logic**: A cumulative sum of daily net flows is calculated per account address to determine the running balance. To maintain a complete time series, balances are forward-filled for days where no on-chain activity occurred for a specific address. This ensures that an address is correctly identified as a holder from the moment it receives an asset until its balance returns to zero.
- **Key fields**: `account_address`, `balance`, `timestamp`

### Component C: Unique holder counting

- **Purpose**: Calculate the total number of unique entities holding the native asset.
- **Logic**: The dataset is filtered to include only records where the calculated balance is strictly greater than zero. A distinct count of account addresses is then performed for each daily timestamp. This process removes "dust" or phantom balances that might result from rounding errors, ensuring only true holders are represented in the final metric.
- **Key fields**: `account_address`, `balance`, `timestamp`

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

Unique addresses holding a non-zero balance of the project's native token.

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Token holders

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