Algorand Governance Period 11 Updates
Hey folks, welcome to Algorand Governance Period 11! As usual, the start of each quarter brings a fresh opportunity to join the decision-making system of the Algorand network. Make your voice heard while earning rewards for doing so. G10 brought an abundance of choice for Governors, with a total of 18 measures to vote on. Find the results of those votes by clicking here and selecting “Algorand Period 10”.
There’s no better place to join governance than Folks Finance. Through Liquid Governance, you’ll be able to stake ALGO, vote, and generate yield while keeping your liquidity thanks to the gALGO liquid staking token (LST). Committing ALGO mints gALGO, which can be utilized across the Algorand ecosystem for DeFi, gaming, NFTs, and more.
gALGO
The amount of wallets using Liquid Governance set a new high-bar in G10 with 4,471 unique addresses minting gALGO. The amount of gALGO minted was also a staggering 454 Million — in other words, 4.5% of the total supply of ALGO.
With gALGO metrics rising across the board, compounded by an overall lift in the crypto markets, there’s never been a better time to use Liquid Governance. The utility and flexibility of gALGO is unparalleled within the Algorand ecosystem, and the liquidity of the token is now deeper than ever before, enabling more swapping, pooling, and purchasing power.
Mint gALGO here.
Learn how with Folks Academy.
Regarding the Algorand Foundation xGov program, how to become an xGov will change in the next phase, and we’ll continue to work with the community to establish the new criteria. Due to this, it will not be possible to sign up to be an xGov through governance commitment for the upcoming period.
How to use gALGO:
Governance Period 11 arrives with campaigns and programs designed to make the most of your gALGO while contributing to the health of the Algorand ecosystem.
Community Coin Contest
- Building on what was started in G10, Folks will continue the Community Coin Contest in G11.
- The Community Coin Contest builds liquidity for popular Community Coins within the Algorand ecosystem, and rewards the projects which were able to create the largest pools with gALGO.
Consensus
- Join Algorand Consensus through Folks Finance to qualify for a piece of 70,000 ALGO to be distributed this quarter. Joining Consensus is a simple process using Austs’ One-Click Node.
Click here for a guiding article.
Click here for a video tutorial.
Swaps
- gALGO pools on partnered decentralized exchanges have enough depth to support trades of significant size, empowering you to invest back into the market while earning yield in the background.
- Using Folks Router will give you the most efficient swaps into your favorite coins.
Lending Pools
- Deposit gALGO and ALGO to earn yield from Pact’s/Tinyman’s DEX fees and the Folks Lending Markets.
gALGO as Collateral
- Use your gALGO as collateral to borrow a variety of assets, from stablecoins to crypto to precious metals.
- Multiply your Governance voting power with Leveraged Commit.
Collect
Use gALGO to purchase pieces on NFT Marketplace partners.
Find a complete list of gALGO use cases in our Ecosystem Directory.
xALGO:
We are pleased to announce that xALGO will transition from Governance to Consensus.
xALGO minting will be unavailable at the start Governance Period 11.
xALGO will not earn Governance rewards in GP11
This is to prepare for the upcoming chain-wide transition to Consensus Rewards. Click here to find more details directly from the Algorand Foundation.
xALGO will return as the primary Liquid Staking product on Algorand. xALGO will be native to Algorand and will reside on Algorand.
Folks Finance will soon publish our internal plan for facilitating a smooth and enjoyable transition to the next chapter of xALGO. Please stay tuned to our social channels to stay updated.
Mint xALGO here.
Zealy
Complete quests on the Folks Zealy page for points that could win you a piece of 50,000 ALGO in prizes. Additionally, the top 10 Folks Zealy participants will become a Folks Alpha, giving special privileges including open communication with the Folks team. The first cohort of Folks Alpha goes into action this quarter! Ready to meet the legends — or become one?
Make sure to explore the Folks Zealy page, and turn on notifications for Folks’ X account to be first for every announcement.
What’s in store during Q2?
The Folks team is working hard to deliver the cross-chain expansion during Q2, which will introduce the product suite of Folks to new networks. We’re planning a lot of fun stuff for the existing community and newcomers, so keep your eyes on our social media channels for updates on what’s next.
Testnet will precede the mainnet launch, both of which will have integrated systems to monitor participation on social platforms and usage of the app before the FOLKS token launch coming this summer.
If you’re an OG Folks user, don’t worry. We have no plans to forget about anyone, especially the special ones who supported us from the beginning.
Join our community by checking out our social channels here.
Enjoy G11, Folks!
