A streamlined UI/UX makes it easier than ever to access cutting-edge financial instruments without sacrificing speed, security, and ease of use.
MILAN and Dubai, United Arab Emirates, November 29, 2022 /PRNewswire/ — Folks Finance has proven the value of fast, accessible, non-custodial DeFi on Algorand. Since its launch in April 2022, $100 million in Total Value Locked has been submitted by over 5000 users. The protocol is now looking to continue bridging the gap between CeFi and DeFi by launching an improved version 2 with new features and a revamped user experience.
Folks strives to provide the speed, security, and flexibility that CeFi users are comfortable with, while building on a foundation of transparency. With recent events exposing centralized entities as significant pain points in the blockchain industry, now is the time for technology users to make the leap to decentralized standards.
V2 will come with new features and a revamped UI/UX, which will improve the flexibility and efficiency of the protocol. Integrating a DEX aggregator will power features like collateral trading and automatic leverage, and flash loans will allow savvy individuals to maximize arbitrage opportunities. Folks is pushing the boundaries of composability in DeFi.
Innovative features and a focus on community have led Folks Finance to be the Best TVL gain in Q3 2022. Algo Liquid Governance was also a huge success, allowing users to engage in 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 companies – Trail of Bits, Vantage Point and CertiK – are currently underway. After their completion, Folks Finance V2 will be officially released on December 12, 2022.
In 2023, Folks Finance will continue significant growth by expanding the community and attracting capital from other ecosystems. In addition, the launch of the FOLKS governance token and the establishment of a DAO protocol will be significant steps towards further decentralization.
Benedetto BiondiCEO of Folks Finance:
“Folks Finance’s journey has been incredibly satisfying. I am immensely proud of what the team has achieved so far. open DeFi tools. Of course, I want to thank our community for their trust in us and our investors for their support. We are proud to rely on Algorand, the best-in-class blockchain to evolve our traditional financial system.”
Gidon Katentechnical director of Folks Finance:
“Congratulations to the entire team on this massive achievement. Folks Finance V2 pushes the boundaries of what is possible in DeFi. Throughout development, our main goal has been to create the best possible product for our users while remaining faithful We are thrilled to be able to deliver so many new features and 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 enables Folks Finance to deliver advanced strategies while eliminating the risk of centralized interference. Users can deposit assets to earn a return, as well as use them as collateral for loans. The integration of the Deflex DEX aggregator allows native exchanges on the protocol and composability with other operations. Flash loans give developers the keys to deep liquidity. Algo Liquid Governance provides the most efficient method to participate in Algorand Governance through gALGO, whose use cases continue to grow rapidly. Visit people.finance to learn more.
About Algorand
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance Layer 1 blockchain is unparalleled in 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 drives greater participation, transparency and efficiency for everyone. As the technology of choice for over 2,000 global organizations, the Algorand ecosystem transforms the next generation of financial products, protocols and value exchange. For more information, visit www.algorand.com.
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