Algofi, a platform that earns high interest income through cryptocurrency, announced today that it will launch its decentralized lending market application on the Algorand blockchain.The protocol is currently running on Algorand Testnet, Plans to launch on the mainnet in the fourth quarter of this year.
The founders John Clarke and Owen Colegrove brought the traditional financial background to Algofi. Before leaving, they worked in the fixed income team of Citadel to conceive a new decentralized financial solution, which was formed in the Y Combinator 2021 summer accelerator. It was launched under the name Algofi in August 2021.
After the launch, Algofi will easily incorporate fiat currency into cryptocurrency on Algorand, allowing users to immediately start earning revenue on Algofi.
Algoran + Algofi
Algofi chose Algorand as its underlying technology partner because powerful developer tools are readily available and can easily create smart contracts that support Algofi; an active and participating community around Algorand; and the real-world financial use cases of the technology The success achieved. In order to create a large-scale user-friendly platform, friction points such as high transaction fees and chaotic bridging processes are untenable:
“Compared with about 15 dollars or more on other existing networks, building on Algorand can achieve transactions of <0.01 dollars. High costs and slow transactions prevent most potential users from entering the decentralized lending market. We are also very much I am delighted to be part of Algorand's DeFi ecosystem with companies such as Yieldly, Tinyman and Algodex. We have seen many synergies."
– John Clarke, co-founder of Algofi