Algorand(ALGO) Mainnet supports Algofi

Details

On December 17th, 2021, Algofi announced that it is now live on Algorand. This will enable everyone from crypto-native traders to less tech-savvy retail users to earn interest, access leverage, and borrow against their cryptocurrency assets. With this launch, Algofi will also mint the native protocol stablecoin, AlgoStable (STBL).

Algofi's launch completes the trifecta of core protocols on Algorand, priming the blockchain's DeFi ecosystem for takeoff. The trifecta includes AlgoFi, Tinyman, an Algorand-based decentralized exchange (DEX), and Algomint, a digital assets minter that provides bridges between Algorand and other blockchain protocols.

A key component of this launch is the creation of the STBL coin, motivated by the desire to increase capital efficiency. Algofi will mint 1 trillion STBL at the inception of the Algofi protocol. Users of Algofi are able to deposit any of our supported assets and mint STBL against their collateral.

Type

Technology

Category

decentralized_exchanges

Title

Algofi Launches on Algorand Mainnet

Applicable Date(s)

2021-12-17