Folks Finance Outlines 2024 Roadmap: Cross-Chain Expansion, FOLKS Token, and more.
Welcome to 2024, a year which holds much promise for the blockchain world. The Folks team has been working over the last few months to make 2024 the best year yet; we can’t wait to show you. We’re almost done setting the stage for the cross-chain app coming in Q2, which is planned to be followed by cross-chain dApp deployment, the FOLKS token launch, and then the development of a Folks mobile app.
First, let’s appreciate some milestones of 2023.
Pera, a long-time partner of Folks Finance, provided a solution to smooth the experience of getting fiat on-chain and into Folks Finance.
This breakthrough innovation — achieved by composing flash loans, swaps, and Folks’ Lending Markets — allowed governors to multiply their exposure to governance for higher yield and greater voting power.
Education is of utmost importance in the complex blockchain space. Folks Academy was created to establish a hub for videos about Folks Finance and the industry at large.
The first cross-chain Liquid Governance from Algorand was launched on BNB Chain before Governance Period 8. Commit ALGO through Folks Finance to mint xALGO, and trade it on Pancakeswap.
This year, the assets usable on Folks Finance expanded greatly: wLINK, wETH, wBTC, wAVAX, wSOL, wMPL, and EURS were all listed.
Chainlink’s cutting-edge messaging technology provides the infrastructure necessary to power a cross-chain DeFi hub.
The Folks Team created an in-house DEX aggregator between the three biggest DEXs on Algorand: Tinyman, Pact, and Humble. Folks Router is highly composable with all features of Folks Finance.
Ultraswap allows traders to increase their exposure to the crypto markets by leveraging flash loans in Folks Finance’s markets.
Folks Finance allocates 110,000 ALGO for those who join Algorand Consensus through Liquid Governance
After a successful trial during Gov8, the consensus rewards program was continued in G9, with the baseline allocation of rewards being increased from 50,000 to 70,000 ALGO. Late in G9, 40,000 more ALGO was added, taking the total consensus rewards pool to 110,000 ALGO.
With each SILVER$ and GOLD$ token being redeemable for 1 gram of the respective metal, this is the first example of real-world-assets on Algorand being usable as collateral for loans.
Folks Finance will be expanding cross-chain, bringing the features you love on Algorand to a larger audience. The aim is to grow both the community and liquidity of Folks, which should spin the flywheel of growth.
The cross-chain app will be powered by messaging technology — Wormhole, Chainlink CCIP, and Circle’s CCTP — which will bring out the strengths of each connected chain. The goal is to enable connection with any wallet from any major chain, and access to liquidity across networks. You’ll be able to deposit on one network and borrow into or out of another. It’ll set a new standard for interoperability in DeFi.
The FOLKS Token Generation Event is slated for 2024. The economics team is very focused in researching and designing the best Tokenomics and token utilities for FOLKS, concentrating also on potential Airdrop, IDO and listings.
We’ll share more details after the launch of the cross-chain expansion.
Folks Mobile App
To reach a larger market, native mobile support is required as an alternative to the in-browser app. We’re excited about the potential design advantages a mobile app could provide for the User Experience. Right now, development is conceptual, with all focus on more immediate releases.
We can’t wait to reveal more details about the products being developed. Click here for the latest updates regarding Liquid Governance and our recent expansion of xALGO into the Avalanche Network.
We can’t express how much we appreciate the support of the community. We love doing what we do for you!
Keep up with Folks through our social media, and join our communities.
The Folks Team