Guide: Staking ALGO with Folks Finance

Staking Rewards on Algorand are launching on Thursday, January 23rd! With Folks Finance, you can stake ALGO, receive real-time rewards with no fees, and unlock a variety of benefits that we’ll explore in this article. Let’s dive in.

Visit app.folks.finance/liquid-staking to start staking your ALGO today.

Summary

• Stake ALGO with Folks Finance to receive staking rewards in real-time and get double Folks Points.
• Receive xALGO, a tokenized version of your staked ALGO, and use it across the Algorand DeFi ecosystem.
• 0% fees on rewards.
• Multiply your rewards up to 4x with Ultrastake.
• Decentralized, open-sourced, and audited on Immunefi.

What is xALGO?

xALGO is the primary liquid staking token on Algorand that you receive when staking ALGO through Folks Finance. It represents your staked ALGO and earns Staking Rewards for participating in Algorand Consensus in real time.

With xALGO, you can:

• Stake any amount of ALGO — no minimum requirements.
• Collect rewards while keeping your ALGO liquid and usable.
• Use xALGO in lending markets, other DeFi apps, or for trading.

How to Stake ALGO with Folks Finance

1. Visit app.folks.finance/liquid-staking and press Connect Wallet.
2. Choose your wallet option and connect it to view your ALGO balance.
3. Enter the amount of ALGO you want to stake and press Stake.
4. Confirm the transaction in your wallet.
5. Your wallet will now contain xALGO, which earns rewards in real time.

Why Stake ALGO with Folks Finance?

• Real-Time Rewards: Watch your rewards grow instantly without having to run a node yourself.
• Ultrastake: Multiply your stake (and rewards) up to 4x.
• Double Folks Points: Earn double Folks Points for staking with xALGO.
• 0% Fees: Enjoy staking rewards without any fee.
• Full Utility: Use xALGO as collateral, trade it, or use it in DeFi apps while still earning rewards.

Security and Transparency

Folks Finance is committed to providing a safe and transparent staking experience:

• Decentralized and Open-Source: Folks has taken steps toward decentralizing xALGO by open-sourcing its codebase and empowering trusted community participants to run nodes.
• Audited on Immunefi: Smart contracts are reviewed to ensure maximum security.

What’s Next?

As Algorand staking officially launches on Wednesday, January 22nd, expect xALGO to grow as a cornerstone of the Algorand DeFi ecosystem. Over the coming months:

• The utility of xALGO will expand through partnerships with other projects in the Algorand ecosystem.
• Folks Finance will continue to foster decentralization and transparency through open discussions and community engagement.

Take part in Algorand staking. Visit app.folks.finance/liquid-staking and stake your ALGO today!

With over $300M in TVL and more than 18000 MAUs across 6 chains, Folks Finance offers crosschain lending, borrowing, staking and trading with the security and optionality of traditional finance on a foundation of transparency and decentralization, empowered by onchain technology.