Algofi, a platform to earn high-interest yields on cryptocurrency, introduced as we speak the upcoming launch of its decentralized lending market app on the Algorand blockchain. The protocol is at the moment dwell on Algorand’s testnet, with plans to launch on mainnet by This autumn of this yr.

Founders John Clarke and Owen Colegrove convey conventional finance backgrounds to Algofi, having labored on Citadel’s fastened revenue group earlier than leaving to ideate a brand new decentralized finance resolution, which took form inside Y Combinator’s summer season 2021 accelerator and launched as Algofi in August 2021.

Upon launch, Algofi will embody straightforward on-ramps for fiat foreign money into crypto on Algorand, permitting customers to start incomes yield on Algofi instantly.

Algorand + Algofi

Algofi chosen Algorand as its underlying expertise accomplice because of the prepared availability of sturdy developer instruments which enabled the straightforward creation of sensible contracts that energy Algofi; the lively and engaged neighborhood round Algorand; and the expertise’s confirmed success in real-world monetary use instances. To be able to create a platform that’s user-friendly on a mass scale, factors of friction like excessive transaction charges and complicated bridging processes are untenable:

“Constructing on Algorand permits < $0.01 transactions in comparison with ~$15 or extra on different incumbent networks. Excessive prices and gradual transactions make decentralized lending markets inaccessible to the vast majority of potential customers. We’re additionally excited to be part of Algorand’s DeFi ecosystem alongside the likes of Yieldly, Tinyman, and Algodex, the place we already see plenty of synergies.”
– John Clarke, Algofi Co-Founder

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