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 are 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, earning yield, and unlocking 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 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.Source: PR Newswire