Algofi and the Algorand Foundation team up to launch $ 3 million cash-extracting initiative

The team behind Algorand’s “first algorithmic and stablecoin money market” has partnered with the Algorand Foundation to offer 2 million ALGO tokens in the first quarter of 2022 through the Aeneas liquidity program.

As Binance Research explained in a research report published in June 2019, Algorand is “a pure, unauthorized proof of stake blockchain that guarantees full participation, protection and speed within a truly decentralized network. “.

Algorand’s goal is “to remove the technical barriers that have undermined the adoption of traditional blockchain: decentralization, scale and security.”

Algorand was built by a team of “internationally renowned researchers, mathematicians, cryptographers and economists as well as proven business leaders from global technology companies”. The management team consists of Silvio Micali (founder), Steve Kokinos (CEO) and W. Sean Ford (COO).

Algofi, which launched on December 17, is “a decentralized lending protocol and stablecoin built on the Algorand blockchain.” In a Medium blog post published on Wednesday, December 29, the Algofi team stated that “From January 2022, Algofi users will algorithmically earn ALGO rewards when they borrow and lend ALGO, STBL , USDC, goBTC and goETH ”.

Here’s what this blog post says about $ ALOGO:

“ALGO is the native cryptocurrency of the Algorand blockchain. ALGO is used to secure the blockchain, pay fees, and vote on governance. ALGO’s total circulation is capped at 10 billion.

He went on to say that “the Algorand Foundation’s Aeneas program was set up with the capital of the Viridis fund of $ 300 million announced in September to accelerate the growth of the Algorand DeFi ecosystem” and that its aim is ” to initiate the three DeFi pillars simultaneously “:

  1. Strong bridges for newcomers and migrants (Algomint).
  2. AMM DEX for future traders and merchants (Tinyman).
  3. A borrowing and lending architecture for capital efficiency (Algofi).




Owen Colegrove, co-founder of Algofi, said:

The launch of Algofi comes at a pivotal moment for the Algorand DeFi ecosystem. Algorand offers an uncompromising scalable blockchain, but they have only just entered the emerging world of DeFi. The launch of Algofi promotes ecosystem liquidity 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.

November 30, 2021,

November 30), Borderless Capital, a Miami-based venture capital firm focused on Algorand, announced via a press release the launch of its $ 500 million “Borderless ALGO Fund II”.

Borderless Capital calls itself “a blockchain venture capital firm and modern financial institution investing capital and co-building financial products with our portfolio companies that accelerate access, kick-start adoption and create value in the world. ‘global scale thanks to Algorand’s borderless economy “.

Borderless Capital’s new fund “will invest in digital assets powering the next generation of decentralized applications on top of Algorand, including opportunities to disrupt the creators’ economy with NFTs and accelerate capital growth that participates in the ALGO DeFi ecosystem through cash extraction, lending, borrowing and yield farming.

In a video posted on August 10, 2021, the pusedoymous host of the popular YouTube series Coin Bureau told subscribers to his YouTube channel:

  • Although he has no holdings of $ LUNA at the moment, he is “seriously considering” putting money into $ LUNA.
  • Terra’s TerraUSD (UST) stablecoin is currently “the fastest growing stablecoin” with a market cap that has increased tenfold so far this year.
  • $ LUNA is used to secure the UST, with $ 1 of LUNA being “always convertible to 1 UST.” “
  • One of the main reasons for the popularity of UST is the enormous popularity of the following two applications powered by Terra: Mirror and Anchor.
  • The demand for UST drives the demand for $ LUNA and since the latter is burned every time the former is hit, this has a “deflationary effect”.

Warning

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries the risk of financial loss.

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