With the recent rebranding of the Folks Finance logo, rumors and speculations have arisen in all social media platforms. What does it mean? What are they planning? Is this about their token?
But I don’t care for this type of speculation. I just know for a fact through their twitter announcements that not only are they already working on the $LINK partnerships, they have also announced the SuiNalliance partnership, Circle, and Wormhole — all slated for Q2 2024, which is quickly approaching. These partnerships are all in addition to their already existing bridges into $AVAX and $BNB. This is huge and I, in my humble opinion, really consider #FolksFinance spearheading the whole $ALGO environment in #DeFi and Liquid Governance. They will undoubtedly pave the way for $ALGO to be in “Top 5 by 2025”.
But enough talk about what will happen in the future. Right now, Governance 10 voting has opened on both the Foundation website as well as liquid staking websites such as Folks Finance. There are 18 proposals to vote on, which is a huge increase from the previous 4 in Gov 9. One of them is immensely important — Proposal #5 dictates the following:
Targeted DeFi Rewards — Folks Finance — Attracting new liquidity and new users from other chains
The aims of our GP11 Targeted DeFi Rewards proposal are to:
— Attract new users from other chains.
— Attract non-DeFi Algorand users.
— Increase the TVL.
The metrics the team will look at are:
-Folks Finance TVL
-Active users
Tactics:
— Lending pools: 62.40%
— Liquidity pools: 14.93%
— Deposit Boost: 10.67%
— Marketing: 5.33%
— Consensus: 3.73%
— gALGO Pairing: 2.93%
Full breakdown — Folks Finance | GP11 DeFi Rewards
View community comments about this proposal on the Algorand Forum .
Read more about it on Folks Finance’s blog .
Measure 5: Allocate 1,875,000 Algo in GP11 to Folks Finance to be distributed as declared above?
I recommend users to vote yes on this proposal. In the past, Folks Finance has made immense strides in promoting the $ALGO blockchain as well as connecting us to other chains. They have also provided different ways to accumulate passive income through their deposit functions, borrowing, lending, bridges, and liquid governance. They have also provided DeFi reward boosts as well as consensus awards for those who run nodes (something the Foundation should’ve done since the beginning). They have spoken through actions and not hype. They have established their trust in the users as well as in the Foundation by winning awards at international crypto forums and events. If any platform deserves funding, it is them.
If you are new or still doubtful about what defi platform to use on $ALGO, definitely give Folks Finance a try. You’ll be pleasantly surprised at all the benefits it provides you.
#ALGORAND #FOLKSFINANCE
