New tokens listed on Folks Finance with 30,000 ALGO in giveaways!
Folks Finance is excited to announce the listings of wAVAX, wSOL, and wMPL, which will soon be open for deposits in the lending market and Lending Pools. This means that you can use your favorite tokens from the Avalanche, Solana, and Maple Finance ecosystems in Algorand DeFi!
10,000 ALGO will be airdropped to Folks Finance users for each of these 3 coins: wAVAX, wSOL, and wMPL. That’s a total of 30,000 ALGO up for grabs!
How to participate?
To participate in the airdrop, you’ll have to deposit at least $100 in the lending markets or in Lending Pools for wAVAX, wSOL, and wMPL. The total amount for Lending Pools for wALGO/wSOL, wALGO/wAVAX, wALGO/wMPL should be not less than 100$ in total. The $100 worth of deposit will be calculated based on the worth of the asset at the time of depositing.
Make sure you keep your liquidity deposited — a snapshot of participating wallets will be taken at a random time during September, and active wallets will be the ones to get rewarded!
First, connect your Algorand Wallet to Folks Finance. Once you have connected, you can deposit tokens into the lending markets or Lending Pools.
Timeline:
The wAVAX lending markets and lending pool will go live on Folks Finance on August 15th, 2023.
The wSOL lending markets and lending pool will go live on Folks Finance on August 22nd, 2023.
The wMPL lending markets and lending pool will go live on Folks Finance on August 29th, 2023.
What are bridged assets?
Bridged assets are tokens that have been transferred from one blockchain to another. wAVAX, wSOL, and wMPL will be bridged into Algorand using Wormhole technology, which allows for the secure and fast transfer of assets between blockchains
wAVAX is the wrapped version of AVAX, the native token of the Avalanche blockchain ecosystem. Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts.
wSOL is the wrapped version of SOL, the native token of the Solana blockchain. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
wMPL is the wrapped version of MPL, the native token of the Maple Finance protocol, live on Ethereum and Solana. Maple offers borrowers transparent and efficient financing completed entirely on-chain. For liquidity providers, Maple offers a sustainable yield source through lending to diversified pools of crypto’s premium institutions.
Why are bridged assets beneficial?
Bridged assets offer a number of benefits, including:
- Increased liquidity: By allowing tokens to be transferred between blockchains, bridged assets increase liquidity in both ecosystems.
- Reduced fees: Bridged assets can often be transferred at a lower cost than native tokens.
- Diversification: Bridging tokens allows ecosystems to expand into one another and strengthen their DeFi markets.
The listings of new bridged assets open new doors for Folks users, offering a number of benefits. Be sure to make the most of this giveaway while it’s active during Q3!
Thank you for your continued support.
The Folks Team
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.
