Deposit Boost: Higher Yield for Deposits on Folks Finance
Folks Finance is delighted to announce the Deposit Boost program, which will use a portion of the 1.25 Million ALGO granted from the Algorand Foundation for rewarding deposits during Governance Period 7 (Q2 2023).
During Algorand Governance Period 6, governors passed a vote to administer a targeted DeFi boost. As a result, Folks Finance received 1.25M ALGO to distribute to users.
After discussing where to allocate the funds with the community, it was determined that the Deposit Boost program will begin by incentivizing stablecoin deposits — USDC and USDt.
More supported assets may be added to the program later in the quarter.
- Rewards will be distributed in ALGO.
- To earn rewards, assets must be deposited, but cannot be used as collateral.
- All Deposit Boost rewards will be distributed during Gov7 (Q2 2023).
How Do I Participate?
Whether you are trying out Folks Finance for the first time or a power user, taking advantage of the Deposit Boost is quite easy! If you don’t have any eligible assets for deposit, you can use “Swap and Deposit” to deposit an eligible asset in a single transaction. That’s it, you’re earning!
If you have a previously eligible deposit, Folks has created an easy migration feature. Select the asset you wish to Deposit Boost and then use the new “Earn Rewards” tool to get started. Speaking of rewards…
Rewards are accrued with every block that validates on the Algorand blockchain, averaging every 3.5 seconds. Rewards can be instantly claimed at any time with the click of a button, right there next to your deposit.
Enjoy the Deposit Boost, and as always, thank you.
- The Folks Team