Borrowing, lending, and investing are slow and expensive, not to mention inaccessible for billions of people due to traditional banking requirements and barriers to entry. Folks Finance, a decentralized finance (DeFi) platform, uses the Algorand blockchain to bring finance to the people, allowing users to control their assets and move money quickly, securely, and efficiently.
"The block speed is a matter of seconds, the throughput is super high, transaction fees are a fraction of a cent, and the consensus mechanism is robust. Moreover, Algorand has a strong smart contract capability, which makes it stand out from the majority of layer one networks."
- Benedetto Biondi, Founder, Folks Finance
Traditional finance systems are often slow, inefficient, and expensive, limiting financial access for billions of people across the globe.
Folks Finance’s DeFi platform removes intermediaries and makes financial products accessible to the masses, including lending, borrowing, swapping, staking, and trading.
Algorand’s Pure Proof-of-Stake consensus mechanism offers a secure and decentralized backbone for DeFi applications, while robust interoperability solutions seamlessly connect assets to other blockchains and the outside world.
Low transaction fees and instant finality make DeFi applications on Algorand accessible and highly efficient.