Folks Finance TVL
Q109. Calculate the TVL on Folks Finance- broken out by deposited and borrowed.
What is Algorand ?
Algorand is one of a number of newer projects seeking to expand the possible use cases for cryptocurrency by accelerating transaction speeds and reducing the time it takes transactions to be deemed final on its network.
Officially launching in 2019, Algorand seeks to achieve these attributes through decisions that deviate from how cryptocurrencies have traditionally been designed.
Most notable is that Algorand distributes the ALGO cryptocurrency it introduces into its economy with each new block to everyone who holds a certain amount of the currency in its wallets.
Algorand further enables users to create smart contracts (programmatic agreements for building decentralized applications) and tokens that can represent both new and existing assets.
Such features were successful in attracting a diversity of venture investors to early private sales of ALGO conducted to fund the development of the platform.
About Folks Fincance
Folks Finance is a capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. Through the borrowing operation, users can request crypto loans by locking deposited funds as collateral. The name Folks Finance is inspired by the mission to open decentralized financial services to the masses, welcoming all sizes of wallets, opening the protocol to global accessibility. The protocol’s friendly and straightforward user interface allows non-crypto experts to benefit from the DeFi high yield, shaping a new era of financial services.
How Folks Finance is using Algorand
Folks Finance has chosen Algorand for building a decentralized money market protocol aiming to provide secure and profitable financial services to all types of users. The protocol takes advantage of fixed, low-cost, and high-speed Algorand transactions being one of the sector's most efficient and competitive protocols. By leveraging the AVM (Algorand Virtual Machine), Folks Finance creates a financial business model that can ensure the economic viability of the protocol, involving siloed money market liquidity pools, risk-adjusted credit, health factors, and a robust incentive system.
As you can see in chart below the chart has very sharp fluctuations. On days like June 3, we see a lot of welcome from users so that the volume reached around 5M buton some days we do not see much activity from users which are much more days.
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All data used are from Flipside Crypto
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In times of market turmoil, users prefer to deposit their capital on platforms such as Folks to improve market conditions.
We have not seen a good market in recent times and the market situation is very chaotic for this reason, users prefer to deposit their capital in this platform to be safe so for this reason deposits wallets more than borrow wallets.