Folks Finance The Gate for all your DEFI needs
First you should know this article is for beginners & that it’s important to know what a blockchain is before learning more about crypto and DeFi. This technology is the foundation of what the entire Crypto and DeFi and WEB3 industry is built on. So if it was the first time you hear the word ( BlockChain ) then its better to Press on the link here now to Watch a small video to help you get a basic introduction on BlockChain first or you can Google the word for even more explanation , then you can continue
In a nutshell :
- Folks Finance is a non-custodial DeFi protocol providing financial tools for digital assets Build on ALGORAND blockchain technology .
- Algorand Smart-contract technology empowers Folks Finance to offer advanced strategies while eliminating risks of centralized interference.
- Users can deposit assets to earn yield, as well as use their deposits as collateral for loans.
- you can join Folks Finance to Algo to join Liquid Governance or Cross-chain Algo Liquid Governance through gALGO and xALGO, whose use cases continue to expand rapidly and make 2x staking rewards than normal liquid staking for ALGO
- If you are a HODLER like me and have few tokens from other projects or USDC you can join their pools to make a great APY you can,t find any where
How to use Folks finance :
1- get a Pera wallet ( Acutely this is the best ALGO wallet and support Ledger HW wallet too ) and buy some algo from any centralized exchange like Binance and u can download Pera on Mobile too either for Android or Apple operating systems
2- connect your pera wallet to Folks Finance website
3- start using the Folks finance services by lending or swaping or commetting your Algo for liquid staking GOV but note that currently GOV 9 Period is on and you can,t join Liquide Staking untill the next GOV 10 period 1st of JAN2024 as each period is 3 month
current APY is attractive as u see in the pic
i did explain more here about FolksFinacne , but i think too that i might not be as either as organized or as detailed as the official data from the project it self so its better for more info please ask in a comment and ill be happy to reply you or you can visit :
- https://docs.folks.finance/ for TXT reading or
- https://academy.folks.finance/ for TXT and videos on how to use the service in more details .
- the official DISCORD Folks Finance where u can have life feedback and please note that its better to close DM on discord or don,t reply unknown DMs cause there are lots of scammers there .
- the official telegram channel for them
Some short cut with explanation links for new users used in the artical :
APY = Annual Percentage Yield.
DeFi = Decetralized Finance.
CeFi = Cetralized Finance.
Compairing DeFi and CeFi to know the defferences and why DeFi seems the future in Finance and economy .
Remember if u still confused about Folks Finance and need more info u can check my detailed other detailed article here
PS: This is not financial advice , so do your own due diligence before you take any action and please note That Crypto is better be user with Hardware Wallets cause there is a lots of scammer out there .
