According to TechFlow, after a vote by the G11 community, Algorand's DeFi protocol Folks Finance decided to support USDT as collateral to enhance its flexibility and Algorand's liquidity, providing users with more choices and a better DeFi experience. Algorand is committed to creating a Web3 transaction throughput that is comparable to the speed of traditional finance, with instant finality, near-zero transaction costs, and 24/7 availability. 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.
