According to TechFlow, after a vote by the G11 community, the Algorand ecosystem DeFi protocol Folks Finance supports USDT as collateral, further enhancing the flexibility and liquidity of Algorand, and bringing users more choices and a better DeFi experience.
It is reported that Algorand aims to create a Web3 transaction throughput comparable to the speed of traditional finance, with instant finality, near-zero transaction costs, and 24/7 availability. From decentralized finance to generative NFT art to RWA, Algorand is powering the economic model of the future. Folks Finance is a DeFi lending protocol built on Algorand, where users can deposit assets to accumulate returns, obtain loans by providing collateral, exchange assets through Folks Router, and participate in Algorand governance through gALGO and xALGO assets.