Folks Finance- What Is It?

What is Folks Finance? And how does Liquid Governance work in Algorand?

What is Folks Finance?

Firstly, Folks Finance, a leading DeFi project in Algorand has launched the Liquid Governor Giveaway for anyone who wishes to join the rapidly growing Algorand ecosystem. And try their luck at making the most of their liquid staking.

Secondly, Folks Finance is a DeFi protocol that provides advanced, non-custodial DeFi tools for managing digital assets.

Thirdly, if you are looking for an all-in-one place to hold, manage, trade, and make high interest in your crypto, you can now fulfill your needs in a fast, affordable, and permissionless manner on Folks Finance.

About Folks Finance

Chiefly, Folks Finance has proven the value of fast, accessible, and non-custodial DeFi on Algorand.

Secondly, since launching in April of 2022, $100 Million in Total Value Locked has been deposited by over 5000 users.

Thirdly, the protocol now looks to continue closing the gap between CeFi and DeFi by launching an elevated Version 2 with new features and a redesigned user experience.

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What does Folks Finance do?

Mainly, Folks Finance strives to provide the speed, security, and flexibility CeFi users are comfortable with.

While building on a foundation of transparency, with recent events exposing centralized entities as significant weak points in the blockchain industry.

Additionally, the time has come for you to make the leap into decentralized standards.

Features of Folks Finance V2

Firstly, V2 will be packed with new features and a reimagined UI/UX, which will enhance the flexibility and efficiency of the protocol.

Secondly, the integration of a DEX aggregator will power features like collateral swapping and auto-leveraging. As well as flash loans will enable savvy individuals to maximize arbitrage opportunities.

Thirdly, Folks is pushing the boundaries of composability in DeFi.

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Algorand Blockchain

Firstly, Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone.

Additionally, Algorand is reshaping every industry-from TradFi and DeFi to new creator economies and beyond.

Especially, with an extraordinary commitment to interoperability and consistent delivery.

Furthermore, its sustainable technology powers more participation, transparency, and efficiency for all.

Folks Finance is the leading algorithmic capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain.

Secondly, through the lending operations, if you are a Folks user, you can deposit liquidity and start earning a continuous economic return instantly.

Thirdly, through the borrowing operation, you can request crypto loans by locking.

Further, the technology of choice for 2000 + global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols, and exchange of value.

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What is the need for Liquid Governance?

Firstly, Liquid Governance is a liquid-staking product developed by Folks Finance to let you take advantage of Algorand governance. That too while keeping your asset value liquid.

Particularly, this is achieved through the minting of gALGO, distributed 1:1 for each ALGO committed to Liquid Governance.

While your ALGO remains in Folks Finance’s smart contracts, your gALGO is able to be traded, spent, or staked around the ecosystem.

Being the most effective and popular DeFi strategy in Algorand, Algo Liquid Governance built by Folks Finance is now open for you to deposit!

The governance APR on Folks Finance can reach up to 15-16%, dwarfing the APR from traditional Algorand Governance, which usually lands around 6%.

Benefits for Folksy Guys Holders

Firstly, if you hold a Folksy Guy, the NFT series by Folks Finance, it gets even better 5 lucky Folksy Guys holders who have committed a minimum of 1,000 gALGO and passed through the “Start with Folks” quest on zealy.io will win an additional 500 gALGO if you are not a Folksy Guys holder, but want to become one, you can get the NFs.

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How to get started with Folks Finance

a. Set up Pera Wallet.

b. If you don’t have ALGO or any other ASA tokens in your wallet, buy it on the app.folks.finance through the Fiat-On-Ramp function which will be available when you choose “Swap”. You can also pack your wallet with ALGO on a centralized exchange (Kucoin, Binance, and others).

c. For all the details, read “Get started” in the Folks Finance documentation.

Conclusion

Firstly, Folks Finance is a DeFi asset management platform that gives self-custody for lending, borrowing, trading, hedging, and managing crypto, all in one place.

Secondly, Folks Finance is considering committing part of Algo-Foundation ‘s DeFi Boost into Liquid Governance in order to redistribute the obtained rewards as $gALGO in the next gov. period.

Thirdly, innovative features and a focus on community drove Folks Finance to be the Top TVL Gainer in Q3 2022.

Additionally, Algo Liquid Governance has also been an enormous success, allowing you to commit to Algorand’s Governance through Folks Finance, earn yield, and unlock liquidity using gALGO.

Read More folks.finance

Development of Folks Finance

Looking forward to 2023, Folks Finance will pursue meaningful growth by expanding the community and attracting capital from other ecosystems.

Additionally, launching the FOLKS governance token and establishing a protocol DAO will be consequential steps toward further decentralization.

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FAQs

Where is the Folks Finance headquarters?

Floks Finance is located in Milan, Lombardia, Italy.

Who invested in Folks Finance?

Folks Finance has 13 investors including Polymorphic Capital and Borderless Capital, to put it simply.

How much funding has Folks Finance raised to date?

Folks Finance has raised $3M.

When was the funding round for Folks Finance?

Folks Finance closed its last funding round on Jan. 20, 2022, from a Seed round.

Who are Folks Finance’s competitors?

Alternative and possible competitors to Folks Finance may include Wirex, Bitpanda, and Bitwise.