Press Releases

Algofi and the Algorand Foundation have launched a $3 million liquidity mining initiative to promote DeFi adoption.

The liquidity program will distribute ALGO to early Algofi protocol users algorithmically.

Source: Algofi

Algofi, Algorand‘s first algorithmic money market and stablecoin, has teamed with the Algorand Foundation to distribute 2M ALGO through the Aeneas Liquidity Program in the first quarter of 2022. Beginning in January 2022, the platform’s users will receive ALGO rewards algorithmically when they borrow and lend ALGO, STBL, USDC, goBTC, and goETH.

ALGO is the Algorand blockchain’s native coin. ALGO is used to safeguard the blockchain, pay fees, and vote in governance. ALGO’s overall circulation is limited to 10 billion.

The Algorand Foundation’s Aeneas Program received $300M in funding from the Viridis Fund, which was unveiled in September to accelerate the expansion of the Algorand DeFi ecosystem. Its purpose is to bootstrap all three DeFi pillars at the same time: Algomint, Tinyman and Algofi.

The firm secured almost $20 million in total value in the week after its launch, exceeding the liquidity caps set at launch. Tinyman, a developing decentralized exchange with daily trade volume in excess of $5 million and $40 million in total value locked, is also part of the Algorand ecosystem.

Algomint, an Ethereum and Bitcoin bridge that just unveiled its own rewards program, and Yieldly, a no-loss lottery and staking contract platform, are two more ventures.

Algofi and the Algorand Foundation have launched a $3 million liquidity mining initiative to promote DeFi adoption.

Owen Colegrove, Co-Founder of Algofi, said:

“The Algofi launch comes at a pivotal moment for the Algorand DeFi ecosystem. Algorand offers a scalable blockchain with no compromises, but they are just now entering the emerging world of DeFi. The launch of Algofi promotes liquidity in the ecosystem and is already having a measurable impact on trading activity. These are signs that the coming year is likely to be an explosive one for DeFi on Algorand.”

Algofi is a rapid, low-cost crypto lending market and stablecoin on the Algorand blockchain that enables widespread access to decentralized lending. Algofi intends to provide typical banking services like as savings accounts and credit cards, which will be powered by Algorand’s expanding DeFi platform.

Patrick

Coincu News

Andy

Recent Posts

Wall Street Crypto Is Poised To Win More Battles With SEC: Report

A Supreme Court ruling weakens Chevron deference, potentially affecting SEC regulations. Due to reduced SEC…

7 hours ago

SEC Sues Consensys Over MetaMask Ethereum Staking Service

The SEC sues Consensys for unregistered securities transactions via MetaMask, violating federal laws. Over $250M…

8 hours ago

21Shares Files For Spot Solana ETF, Spurring Market Excitement

21Shares and VanEck have filed for a Spot Solana ETF with the SEC. If approved,…

8 hours ago

ASI Token Merger Will Take Place with First Migration for FET Token on July 1

Fetch.ai's FET assets will automatically convert to ASI tokens on July 1, 2024, as part…

11 hours ago

VanEck Solana ETF Application Shows Potential Risks Causing Market Crisis

VanEck Solana ETF application flags the risk of market price impact due to the top…

12 hours ago

US PCE Inflation Fell To 2.6%, Bitcoin Remains Unfazed In Market

Despite equities rallying due to lowered US PCE Inflation, Bitcoin's price remained steady, with long-term…

12 hours ago

This website uses cookies.