Folks Finance Expands to BNB Chain with xALGO
July 5th, 2023
Folks Finance has launched its latest innovation, xALGO, a liquid staking product that brings Algorand Governance rewards to the DeFi scene of BNB Chain using Wormhole technology. xALGO is interest-bearing and tradeable, making it a powerful tool for cross-chain governance. As the first cross-chain DeFi product between BNB Chain and Algorand, xALGO’s launch has opened up exciting opportunities for users to capitalize on their ALGO holdings within the DeFi ecosystem.
Folks Finance is a leading DeFi platform with innovative tools for lending, borrowing, trading, and managing digital assets. Launched on Algorand in April 2022, Folks has spent the past year building the most popular and complete DeFi suite in the ecosystem. With a solidified foundation, Folks Finance is ready to expand into new chains, and the first step is connecting BNB and Algorand for the first time.
xALGO Use-Cases:
Algorand Governance Rewards: Users receive governance rewards passively by holding xALGO, which grows in value quarterly at every rewards distribution period.
Trading: Since xALGO’s price is linked to the price of ALGO, it can be used as a substitute for those who want to trade ALGO, and is the first ALGO derivative on BNB Chain. Users will be able to trade xALGO using the Folks Finance UI through an integration of 1inch’s DEX aggregator.
Farming: Folks Finance is proud to partner with PancakeSwap for the launch of xALGO. Users can provide xALGO/BNB liquidity on PancakeSwap Farms to earn CAKE emissions, and can stake CAKE to earn xALGO rewards from a Syrup Pool.
New horizons are being discovered. Trading xALGO is the first time BNB users can interact with an Algorand product. At the same time, ALGO holders can mint xALGO and explore the BNB ecosystem while receiving governance rewards. Connecting the two worlds will spread liquidity and activity across both blockchains.
Don’t miss the opportunity to mint xALGO at the start of each quarter. The first minting period opened on June 30th and will last until July 13th, 2023. For details on the minting process, please see a step-by-step tutorial at docs.folks.finance. Keep up to date on announcements by following Folks Finance’s social channels.
Benedetto Biondi, CEO of Folks Finance, expressed his enthusiasm for the launch, “xALGO is a big step forward in our mission to innovate on our current DeFi suite. The best way to participate in Liquid Governance on Algorand can now be accessed by so many more people, so we couldn’t be happier to bridge over to BNB.”
Adam Bendjemil, Head of Partnerships, BNB Chain, reflecting on the potential of the launch, said, “xALGO’s launch is more than just another addition to our platform; it’s a catalyst for growth and a spark for innovation. As the first Algorand derivative on BNB Chain, xALGO is paving the way for a new wave of financial possibilities for our users. This fusion is set to fuel activity and spread liquidity across both blockchains.”
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. Folks is supported by some of the leading investors in the space, such as Borderless Capital, Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, and the Algorand Foundation. For more information, visit https://folks.finance
About BNB Chain:
BNB Chain is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com.
About Algorand Foundation:
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain. The Algorand blockchain achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis,without a second of downtime since it went live in 2019. For more information, please visit https://algorand.foundation.
