Folks Finance chooses LI.FI to power DEX integrations for upcoming Cross-Chain Lending Protocol

Folks Finance has chosen LI.FI to power the swaps and DEX integrations for its upcoming cross-chain protocol. Set to launch in Q2 2024, the expansion from Folks Finance will introduce a unique hub-and-spoke model to DeFi lending, seamlessly unifying multiple blockchains for concentrated liquidity and a unique user experience. At launch, users will be able to lend, borrow, and trade across a range of networks with swaps powered by LI.FI’s liquidity aggregator, setting new standards for flexibility within a lending protocol.

With swaps being an essential component of many features on Folks Finance, the decision to partner with LI.FI is rooted in the technical achievements and expertise of the LI.FI team. Their cross-chain swap widget is highly compatible with the visions of composability held by the Folks developers.

Folks’ expansion into new networks comes after a sustained period of dominance within the Algorand ecosystem. Currently constituting 75% of the chain’s TVL, the team is ready to carry that momentum forward and continue innovating within the DeFi sector.

The cross-chain lending protocol will leverage messaging layers such as Wormhole, Chainlink CCIP, and Circle CCTP to provide deeper pool liquidity. Users will be welcome to connect with the wallet and blockchain of their choice, with an emphasis on omni-chain inclusion.

After years of continued fragmentation throughout the DeFi sector, Folks Finance plans to use this new hub-and-spoke system to bring communities and capital back together. Conclusively, this will be a much-needed improvement on the current multi-chain model which encourages forking and separation of users and their funds.

What is LI.FI?

All DeFi Liquidity in one API. The complexity of moving and sourcing assets across a vast amount of blockchain ecosystems is simplified down to one API. LI.FI’s middleware offers DEXs, DEX aggregators, cross-chain bridges, all necessary data sources, and smart order routing.

What is Folks Finance?

Folks Finance is a leading DeFi platform providing innovative tools for lending, borrowing, trading and managing digital assets, all in one place. Folks Finance streamlines the DeFi experience with a UI and UX competitive to centralized exchanges, all while running on permissionless smart contract technology.