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 liquid, 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 harness 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 has the following use-cases:
Algorand Governance Rewards: Users receive governance rewards passively by holding xALGO.
Trading: xALGO’s price is linked to the price of 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.”
Min Wei, Executive VP of Ecosystem Growth, Algorand Foundation, looking ahead to the future of Algorand's integration, noted,
"We are thrilled about xALGO's debut on BNB Chain. This integration not only allows ALGO holders to experience the BNB Chain environment, but also expands the reach of our governance system."
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.”
