The foundation behind the layer-one blockchain Algorand sparked mixed feelings about the announcement
The foundation behind layer one blockchain Algorand has sparked mixed feelings following a new announcement that takes on rival networks Bitcoin, Ethereum and Solana – suggesting they are unsuitable for payments.
On May 23, the Algorand Foundation released a new ad on YouTube titled “When blockchain meets the real world, only one fits the bill.”
The ad features a checkout process at a supermarket as shoppers attempt to pay with three different crypto assets, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
During the commercial, the cashier told the man trying to pay with Bitcoin that he would have to wait because the transaction would take 27 minutes.
Ethereum payers were told the transaction would cost $112 in fees, and one buyer who chose Solana was unable to pay because the transaction kept failing.
The camera then panned to the next checkout queue to immediately process customers using Algorand with the captions “instant final.” Low fees. Designed for the speed of life.
Political consultant and businessman Anthony Scaramucci also appears in a cameo at the end, asking how to join the Algorand payline. Some commenters on X later pointed out the hypocrisy after Scaramucci posted on
The ad, which has over 700,000 views on A Thousand Dollars for an ad. It’s not like that, guys.
The user was referring to the Algorand Foundation, which announced it would shut down the AlgoExplorer block explorer in January.
“This type of marketing doesn’t make sense to me,” said Zak Raines, community coordinator at Chainlink.
“People who don’t like crypto will have a negative impression (“yes, crypto sucks”), without even knowing that it’s an advertisement* for crypto,”
Meanwhile, trader Fiskantes told his 90,000 followers on X that “negative ad campaigns about your competitors this early in the adoption cycle generate very low traffic.”
“It shows a zero-sum mentality and a lack of original ideas,” he said, adding. Any high TPS ghost channel can claim what Algorand claims, until the shit hits it and people actually start using it.
However, not all responses have been critical. Co-founder of Kernel Edge, Hjalmar Ingemundarsson He said The Algorand team was “remarkable” in their marketing while co-founding the XRP “Vet” Café He said Although the commercial became difficult for other channels, it was “really funny.”
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According to DefiLlama, the total value locked on the Algorand network is only $96 million. This is a small fraction of the TVL on Ethereum, which is $65 billion, and Solana, which is $4.8 billion.
Algorand’s native token, ALGO, fell 2% on the day to $0.183 and remains down 95% from its 2019 all-time high, according to CoinGecko.
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