Folks Finance enables global users to lend, borrow, stake, and trade
With its lending services, Folks Finance has become one of the leading DeFi platforms on the Algorand blockchain. Built on cost efficient and fast infrastructure, Folks Finance leverages the cutting-edge technology offered by Algorand, while it offers users the ability to engage in lending, borrowing and liquid staking.
With its high speeds and low costs, Algorand provides the perfect foundation for DeFi. It’s why Folks Finance originally chose to build on Algorand, and it’s now grown into the leading DeFi protocol on the network. In the past 30 days alone, Folks Finance served well over 3,000 unique wallets, facilitating over $21.4 million in transactional volume. The total value locked in Folks Finance sits around $300 million.
Folks Finance offers lending, borrowing, trading, and liquid staking services, removing traditional intermediaries, lowering barriers to entry, and bringing financial services directly to users. Users keep control over their assets, and can move money quickly, securely, and efficiently.
Key offerings of Folks Finance
Folks Finance is a robust hub, offering users all of the most important primitives of DeFi. Offered on the platform:
- Lending, or depositing liquidity in return for instant and continuous rewards
- Borrowing, or requesting crypto loans by locking deposited funds as collateral
- Liquid staking, or depositing ALGO in return for xALGO tokens, which increase in value over time as it accrues Algorand Staking Rewards. The Staking Rewards accrued are compounded into the xALGO token, increasing its value relative to ALGO. In addition, the xALGO tokens remain liquid for users, enabling them to participate in the Algorand DeFi ecosystem
- Lending pools, which enable users to participate from Folks Finance’s lending pools and liquidity pools on a DEX at the same time, by increasing the efficiency of deposited assets
- Swapping, with the Folks Router, a DEX aggregator enabling users to swap tokens across multiple DEXs on Algorand
- Ultraswaps, which enable users to efficiently and conveniently execute loan looping strategies
- Cross-chain DeFi via xChain, an app that offers seamless cross-chain lending and borrowing services, integrated with networks including Avalanche, Base, Arbitrum, Optimism, Ethereum, and BNB Chain.
Recently, Folks Finance also announced the launch of Folks Points. Simply by using Folks Finance, users can collect points. Deposit, collateralize, borrow, repay loans, stake, swap, complete social tasks and refer your friends to earn points.
How to get started with Folks Finance
Folks Finance operates on Algorand, and offers support for various EVM chains through the xChain integration. In this guide we’ll look at Algorand:
- Download Pera, the Algorand wallet available both on mobile and desktop
- Your wallet address will look a bit like this: RL6VDLXCN5G7N2GRTS7YLVDSFT4PVBBUOVTVS7T26OQ5MLXYQKRMI5ADXY
- Never share your security seed phrase with other people
- Once you have added ALGO into your Pera wallet, you’re ready to connect the wallet to Folks Finance. Launch the Folks Finance app.
- Press “Connect Wallet” in the top right corner of your screen.
- Then select “Pera” and connect.
Now you’re ready to loan, borrow or swap as you please!
For more information, Folks Finance also offers an extensive series of tutorials and learning resources within the Folks Finance Academy, a free library of videos diving into everything from the basics of blockchain to how to manage your digital assets on the platform.
Use Folks Finance and earn Folks Points
Increased interest in ALGO positions the ecosystem for further growth, and Folks Finance is leading it with its premiere DeFi solutions. Go to Folks Finance to provide liquidity for lending, stake ALGO, or provide collateral to borrow from the protocol. Whether you want to engage with loans, or simply use the DEX aggregator for an optimized token swap, you will earn Folks Points.
DISCLAIMER: The content provided herein is for informational purposes only. The information is provided by Folks Finance and the Algorand Foundation. While we strive to ensure the information is up-to-date and correct, we make no representations or warranties, express or implied, about its completeness, accuracy, reliability, suitability, or availability for any purpose. This article is not intended to be financial advice. You should not take any action before conducting your own research or consulting with a qualified professional. Any reliance you place on such information is strictly at your own risk. Folks Finance or the Algorand Foundation shall not be liable for any loss or damage, including but not limited to indirect or consequential loss, loss of data, or loss of profits, arising out of or in connection with the use of this article.
