Folks Finance Testnet Report
On February 7, 2022, we launched our protocol on the Algorand Testnet.
The Testnet is an opportunity to collect all user feedback, fix bugs and improve Folks Finance before the Mainnet launch.
We are delighted about the outstanding participation and involvement shown by the community. After only one week from the launch on Testnet, almost 23,000 depositors and over 7,000 borrowers operated on the protocol.
The majority of users have been depositing ALGO as collateral for borrowing USDC, similar to what is likely to be the most requested Mainnet use case. The charts below reveal that in the deposited assets, there is a 60% of ALGO dominance, against 55% of USDC dominance, in the borrowed assets.
Community feedback
The most commented and appreciated feature has been Folks Finance UI.
This was a satisfactory result for the team, intending to create a protocol that everyone could easily use.
Testnet channels have been created on our official Discord server to allow the community to report feedback, bugs, or concerns about the protocol’s functionality. Through these channels, the team is able to communicate directly with users, and collect feedback to report to our developers.
Thanks to our community support, we have been able to identify a bug related to the borrow operation. Users trying to borrow the highest LTV (Loan to Value) against locking all their collateral could see the transaction failed. This is due to the price oracle update, which simply could result in having a lower value of their collateral than the previously estimated.
To solve the issue, we designed a different modal window for the borrow operation, which fixes the error. It will be implemented in the following UI updates.
The users have identified other minor bugs, which we are looking to solve to ensure the best user experience.
Important announcement
Tomorrow at 3 pm CET time, we will upgrade our smart contracts in anticipation of the new features we want to release. We recommend everyone close their positions (repay their loans and withdraw their deposits) if you want to redeem your Testnet assets back in your wallet.
Coming soon
The protocol is still in its simplest version. In the coming weeks, we will add other markets, collateral-borrow pairs, and features, allowing us to evaluate the protocol in each component to ensure its soundness. It is not too late to join our Testnet. Read how to use it in the official guide.
We remind you that Testnet users have the chance to receive one of 1,000 NFTs from the Folksy Guys collection. To be eligible to receive one of our official NFTs, you will need to perform the Testnet tasks, which will be soon announced on our Discord!
Thank you all!
In conclusion, we want to thank all those who participated in our Testnet! Thank you for your support, and trust in the team and the project. Your involvement is crucial to our success while building the Future of Finance together!
Testnet Links
CONTACT
info@folks.finance
