Folks Finance Announces Plans to Launch the Algorand Liquid Staking Protocol xALGO

Folks Finance has, through a blog post, announced its plans to launch the Algorand Liquid Staking Protocol xALGO.

Folks Finance has announced its upcoming launch of the Algorand Liquid Staking Protocol (xALGO) through a recent blog post. This protocol will serve as the primary Liquid Staking protocol for ALGO, focusing on providing simple and flexible access to rewards for node runners who participate in the Algorand Consensus. This shift marks a transition from the Governance Reward Model to the Consenus Reward Model.

Previously, rewards were distributed to Governors who would commit ALGO through a web app to cast their vote on chain-wide decisions. However, with the introduction of the Consenus Reward Model, individuals will now be required to stake their tokens through nodes and contribute to the block consensus.

The announcement has had minimal impact on ALGO’s value. At the time of drafting this article, the token is trading at $0.1392, showcasing a decrease of 0.97% over the last 24 hours. It’s also worth noting that ALGO has experienced a decline of 3.28% and 27.91% over the last 7 days and 30 days, respectively.

Folks Finance aspires to become the leading crypto staking platform, a list that includes OKX, Yield App, Aave, and more. The platform is optimistic that the transition to xALGO, being a DeFi platform on Algorand, will aid in their goal. It will not only enhance liquidity but also cater to greater flexibility and a wider range of potential strategies.

The above is the detailed content of Folks Finance Announces Plans to Launch the Algorand Liquid Staking Protocol xALGO. For more information, please follow other related articles on the PHP Chinese website!