Folks Finance, a pioneering and rapidly growing DeFi hub, has just launched the next evolution of its protocol by expanding its product offerings to three new blockchains – Ethereum, Avalanche, and Base.
Working closely with Wormhole, Chainlink, Pyth, and Circle – whose technology powers the infrastructure of the expansion – Folks will provide natively crosschain lending and borrowing without wrapping or bridging assets. Users will be able to access multiple networks from a single account, which unlocks deeper liquidity and easy on/off ramps between chains.
The xChain expansion is Folks’ answer to: “what next?”. In the past 18 months, the DeFi industry has been accused of stagnation, especially toward the largest protocols. Folks plans to disrupt the industry incumbents with the efficiency and flexibility of its bespoke design.
Going live in April 2022, Folks Finance began as a lending and borrowing protocol on Algorand. Over the following 2 years, Folks Finance grew from a lending protocol to a fully fledged DeFi suite, offering lending and borrowing, swaps, leverage trading, a fiat on/off ramp, and liquid staking – notably, with leveraged liquid staking and crosschain liquid staking available as well.
Folks is now the dominant DeFi app on Algorand, with over 14,000 monthly active wallets and $100,000,000 in TVL – about 75% of Algorand’s DeFi liquidity. gALGO, the Liquid Staking Token originating from Folks Finance, is the most-used crypto asset on the network, backed by over 450,000,000 ALGO – about 4.5% of ALGO’s total supply.
The xChain app has been audited by Ottersec and two public bug bounties on ImmuneFi, which invited a community of ethical hackers to review the code for prizes. Find the security reports in Folks Finance’s documentation. Upon launch, xChain Lending and Borrowing will be available, followed shortly by more DeFi tool integrations.
Early adopters of the mainnet can look forward to rewards and recognition. Points will be distributed to users who deposit, borrow, and repay interest on Folks’ xChain and Algorand apps. Plus, users can collect NFTs with on quest platforms, refer friends to xChain using their custom link, and make content on X about Folks, all of which will be counted and rewarded in the platform for additional points.
You can find seamless cross-chain solutions on the official Folks Finance website.
Folks CEO Benedetto Biondi was upbeat before the launch: “Launching xChain is the biggest step Folks has taken yet. We’ve seen success on Algorand by building out a full DeFi suite, and we’re confident we can bring our app to a larger crosschain audience. We’re starting with lending and borrowing, which we know well, and that will give us the foundation we need to build out all the rest of our tools and create a truly special platform which could set a new standard for the DeFi industry.”
Folks Finance is a DeFi hub pioneering innovations in lending, borrowing, trading, and managing of digital assets seamlessly across multiple blockchains. Folks streamlines the DeFi experience with an experience competitive to centralized exchanges, all while built on permissionless smart contract technology. Learn more at at folks.finance.
Folks Finance’s Social Channels – Linktree
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