Algo Optimizer is the latest recipient of Algorand Foundation Development Award

June 22nd, 2021 - Many developers around the world have been eager to participate in the Development Awards Program. The Development Awards Program is designed to support innovation that helps to grow the Algorand ecosystem. As part of its vision of enabling a broad and active blockchain development community, the Algorand Foundation is committed to supporting that community, as they explore the opportunities for innovation that exist within the Algorand Blockchain ecosystem. After thorough review and selection, we are delighted to announce that Algo Optimizer is the latest project to receive an Algorand Foundation Development Award.

Algo Optimizer is a service built to facilitate the compounding of staking rewards. Participation rewards are calculated automatically, however the compounding effect is not automatic. This is because the rewards are calculated from the last recorded balance on the blockchain, the easiest way to force rewards compounding is to send a zero Algo payment transaction to the target address on a frequent, recurring basis. This transaction will trigger the commit of all accrued rewards and record them to the on-chain balance of the account.

Many users are simply buying and holding Algo and without the zero Algo payment transaction they are not getting the rewards they could be. Algo Optimizer serves to automate the process and provide a useful tool for the community. The system watches enrolled users wallets for balance updates and calculates a compounding frequency based on the current APY and wallet balance that ensure they are getting positive rewards in an automated manner. 

Algorand Foundation is proud to support developers building on Algorand with funding through the Algorand Development Award program. We are delighted to award a development award to Algo Optimizer. For more information on AlgoOptimizer check out their website here.