Folks Finance

Folks Finance is a non-custodial DeFi protocol that provides financial tools for digital assets.

Smart-Contracts technology enables Folks Finance to offer advanced strategies while eliminating the risks of centralised interference. Users can deposit assets for financial return, as well as use their deposits as collateral to receive loans.

The integration of the Deflex DEX aggregator enables native exchanges in the protocol and compatibility with other operations.

Flash loans provide developers with the keys to effective liquidity. Algo Liquid Governance provides the most efficient method for participating in Algorand Governance through gALGO, whose use cases continue to expand rapidly.

IDENTIFIED PROBLEM AND PROPOSED SOLUTION

Folks Finance aims to solve the problem of the gap between DeFi (Decentralised Finance) and TradFi (Traditional Finance). Currently, the two financial worlds operate independently and the lack of interoperability between DeFi and TradFi further limits DeFi’s potential to reach a wider audience and have a greater impact.

To solve this problem, Folks Finance is building a DeFi cros’-chain protocol that aims to build a bridge between DeFi and TradFi, making it easier for everyone to access DeFi products and services.

The platform will provide users with a range of financial tools, including loans, swaps, liquid participation, on/offramp, all of which will be accessible through a user-friendly interface.

In addition, the platform prioritises security, with the platform having been audited at least 10 times.

DIFFERENTIATING VALUES

One-stop-shop: Folks Finance allows users to access a wide range of DeFi tools, including swaps, lending and borrowing, liquidity participation and more, in a simple way.

Composability: Folks Finance’s composability refers to the ability of different Smart Contracts to interact and work together seamlessly.

Efficiency: Optimised Smart Contracts, low gas rates and reduced transaction times make Folks Finance one of the most efficient DeFi platforms.

Accessibility: DeFi’s intrinsic decentralisation allows anyone to interact with the protocol, without the barriers and limitations of TradFi.

UX/UI fluency: Folks Finance’s UX/UI makes it easy for users to navigate through the complexity of DeFi’s protocols, resulting in increased engagement and adoption.

SUCCESS INDICATORS

• Current pre-money valuation: USD 75,000,000.
• Seed round valuation: USD 15,000,000. Raised USD 3,000,000 led by Borderless Capital with participation from Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, the Algorand Foundation and many others.
• TVL all time high: USD 132,000,000.
• 20,000 active wallets.
• 17,000 Twitter followers.
• 12,000 Discord subscribers.
• 3,000 Telegram users.
• 5,000 newsletter subscribers.

SUSTAINABILITY IMPACT

Folks Finance is committed to being carbon neutral through its partnership with ClimateTrade. ClimateTrade is a company that enables customers to offset their carbon footprint by purchasing carbon credits that support sustainable projects around the world.

By committing to being carbon neutral, Folks Finance is taking a proactive step to address the environmental impact of the blockchain and cryptocurrency industries. The carbon offset provided by ClimateTrade helps mitigate the carbon footprint of the protocol’s operations, making it a more sustainable and responsible option for users concerned about the environmental impact of their financial activities.

Overall, the partnership between Folks Finance and ClimateTrade highlights the potential of blockchain technology to be used for positive environmental outcomes and serves as an example of how DeFi protocols can take steps to reduce their carbon footprint and promote sustainability.

TECHNOLOGIES USED

• TEAL
• PY-TEAL
• Algorand Blockchain
• AWS
• React
• NextJS

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