Folks Finance Expands DeFi Product Suite with Launch of Ultraswap
Folks Finance is thrilled to announce the launch of its latest feature, Ultraswap, a product for users seeking to extend their liquidity or boost their positions in the Folks Markets up to 8x!
Folks Finance users often utilize loan looping as a strategy to increase their market exposure. Ultraswap has made this process more convenient and efficient. By utilizing Folks Router, loans, and flash loans, users can perform an Ultraswap in a few clicks, providing a quick and user-friendly experience while giving precise control over their token management strategies.
Ultraswap will release with three primary features to take advantage of any market movements:
Up: If you believe an asset will appreciate in value, use Up to take advantage of the Folks Lending markets and increase your exposure.
Down: If you believe an asset will depreciate in value, use Down to hedge yourself against downturns and make the most of any situation.
Convert: Preserve your portfolio by easily and quickly converting any Ultraswap asset into USDC, or vice versa.
Of course, users can create multiple Ultraswap positions in different assets and with different multipliers, just like in Folks’ standard lending markets, offering unparalleled flexibility.
The experience of using Ultraswap will feel familiar and welcoming, with a UI designed to be simple and intuitive. Price action can be tracked on customizable charts via TradingView, which brings in data from centralized exchanges. At launch, the assets available on Ultraswap are ALGO, goBTC, wBTC, goETH, and wETH. Click here to watch a video tutorial on how to use this brand-new feature.
Ultraswap offers a new dimension for participants of Folks Finance’s markets. Built using Folks’ existing smart contracts, Ultraswap streamlines what was already possible. Previously, looping involved an extensive cycle of borrowing, swapping, and depositing. By employing smart contract composability and integrating flash loans, Ultraswap empowers instant action for users to create their positions based on market expectations.
“Since our Algorand Mainnet launch in April ’22, Folks Finance has always pushed the boundaries of its evolution, shaping DeFi innovation. Today, launching Ultraswap, the team is pushing the bar further, meeting another important milestone in Folks Finance’s mission to provide users with the best DeFi tools they need to thrive in the rapidly evolving landscape, abandoning CEXs.”
Benedetto Biondi, CEO of Folks Finance
Disclaimer: Ultraswap is not available to IP addresses within the United States.
About 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.