Folks Finance, a fast-growing DeFi hub, has introduced its next evolution with the launch of the xChain protocol. The platform, already a leader in decentralized finance on Algorand, is expanding its ecosystem to support three additional blockchains: Ethereum, Avalanche, and Base.
Folks Finance Expands to Ethereum, Avalanche, and Base with xChain Protocol
This strategic expansion aims to increase interoperability and ease for users by enabling lending, borrowing, and liquidity access across multiple networks. Users can now seamlessly interact with these blockchains without wrapping or bridging assets, enhancing liquidity and reducing transaction complexity. Folks’ integration with Wormhole, Pyth, Chainlink, and Circle ensures a secure and efficient cross-chain experience.
Enhancements and Security Measures
The xChain protocol promises a significant upgrade for the DeFi ecosystem. It allows users to operate multiple accounts under a single interface, enabling enhanced liquidity management and a simplified user experience.
Benedetto Biondi, CEO of Folks Finance, asserts that XChain marks their largest expansion and is pivotal for cross-chain enhancements in DeFi. The app has been rigorously tested and audited by Ottersec and has also undergone security scrutiny through two public bug bounties, enhancing its credibility and safety.
Transition to a Full DeFi Ecosystem
Since 2022, Folks Finance, which began as a lending protocol on Algorand, has transitioned quickly into a complete DeFi ecosystem. It currently has more than $ 100 million TVL and 14,000 active wallets every month. Its ALGO-powered liquid staking service captures 75% of total liquid assets on Algorand, while the staking liquid token gALGO has the most utilization in the network.
With the launch of xChain, Folks Finance aims to further disrupt the DeFi landscape by offering a more secure, scalable, and efficient platform for decentralized finance activities. To ensure security, Ottersec has audited the xChain app, and two public bug bounties on Immunefi invite ethical hackers to review the code.
Early adopters of xChain and users of its mainnet and testnet are expected to receive rewards for their participation. Folks Finance is committed to delivering a high-standard DeFi experience and aims to pioneer the next generation of decentralized applications with this significant update.