What are some plans to increase the utility of ALGO while the market is rampant with gamblers and liquidity hunters with absolutely 0 regard for the long-term prospects of the network’s native asset? There has to be some sort of counter measures as a startup in this phase to be laser-focused on maintaining the consistent ALGO usage, no? How can we just pretend/let it all be “decentralised” when the founders already made a centric decision to have early investors with a large amount of (unlocked!) ALGO supply constantly giving an overwhelming sell pressure? For example, Axelar Network is a direct competitor which the founders were part of the original founding members of Algorand blockchain.
Algorand network by itself is obviously not going to be sustainable with fees alone. And from what I have been seeing with these numerous startups with little to no qualifications being offered a gracious financial support from the Algorand Foundation left n right, I’m confused how the Foundation has been justifying the treasury spending that are derived from the og investors’ liquidity with no contracted-out terms to return the values back to the ecosystem.
Is the Foundation even aware, during this amateur phase of the market discovery, 90% of these projects that have created their own tokens out of thin air are simply diluting the existing liquidity, OUT of the Algorand’s market cap and into personal savings (whether in BTC, USDT, USDC, USD, EURO, etc.), before ALGO is actually utilised in any practical, tangibly meaningful way??? I mean, the Foundation is leading this wash trading movement at the moment. I understand some dapps need to create the token to “survive”, but this is just getting way too one-sided with no foreplaning, esp. by the Foundation’s selloffs. Was this the plan all along and the whole tokenomics until 2030, was just a farce like many of these recent “partnerships”? The Foundation have been changing the original tokenomics like it’s been nothing (know off top of my head at least 2 changes to the token distribution was made in the last minute with no announcement or any justification).
Is there a way for ALGO to be used instead of dapps creating their own token? Is ALGO nothing more than a governance token? Was ALGO originally created to just launder other assets?
ALGO token is currently 2 spots away from back to being #40s in the market cap ranking since the insane inflation via accelerated vesting that killed off the momentum as the '21 crash happened; all of this is about to for naught as we trace back with little to no expansion in terms of actual organic growth instead of Foundation injecting synthetic liquidity, aka a project announces itself as a dead zombie.
What are in the plans to increase the utility of ALGO???