Folks Finance has proven the value of fast, accessible, and non-custodial DeFi on Algorand. Since launching in April of 2022, $100 Million in Total Value Locked has been deposited by over 5000 users. 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.
Folks 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, the time has come for users of the technology to make the leap into decentralized standards.
V2 will be packed with new features and a reimagined UI/UX, which will enhance the flexibility and efficiency of the protocol. The integration of a DEX aggregator will power features like collateral swapping and auto-leveraging, and flash loans will enable savvy individuals to maximize arbitrage opportunities. Folks is pushing the boundaries of composability in DeFi.
Innovative features and a focus on community drove Folks Finance to be the Top TVL Gainer in Q3 2022. Algo Liquid Governance has also been an enormous success, allowing users to commit to Algorand Governance through Folks Finance, earn yield, and unlock liquidity using gALGO.
The testnet is currently live and can be tried at testnet.folks.finance. Security audits from three separate firms – Trail of Bits, Vantage Point, and CertiK – are currently underway. Following their completion, the Folks Finance V2 will be officially released on December 12, 2022.
Looking forward into 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.
Benedetto Biondi, Folks Finance CEO:
“The journey of Folks Finance has been incredibly satisfying. I’m immensely proud of what the team has achieved so far. We work very hard to be industry leaders in the mission of decentralizing and democratizing finance – building the most efficient, flexible, and open DeFi tools. Of course, I’d like to thank our community for their belief in us, and our investors for their support. We’re proud to build on Algorand, the best-in-class blockchain for evolving our traditional financial system.”
Gidon Katten, Folks Finance CTO:
“Congratulations to the whole team on the massive accomplishment. Folks Finance V2 pushes the boundaries in terms of what is possible in DeFi. Throughout development, our core focus has been on building the best possible product for our users whilst remaining true to the principles of decentralization. We are so excited to be able to provide so many new features and we look forward to receiving feedback from the community.”
About Folks Finance
Folks Finance is a non-custodial DeFi protocol providing financial tools for digital assets. Smart-contract technology empowers Folks Finance to offer advanced strategies while eliminating risks of centralized interference. Users can deposit assets to earn yield, as well as use their deposits as collateral for loans. Integration of the Deflex DEX aggregator enables native swaps on the protocol and composability with the other operations. Flash loans give developers the keys to deep liquidity. Algo Liquid Governance provides the most efficient method of participating in Algorand Governance through gALGO, whose use cases continue to expand rapidly. Visit folks.finance to learn more.
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. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2,000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.