Algofi, a platform to earn high-interest yields on cryptocurrency, introduced nowadays the impending release of its decentralized lending marketplace app at the Algorand blockchain. The protocol is these days continue to exist Algorand’s testnet, with plans to release on mainnet via This fall of this 12 months.
Founders John Clarke and Owen Colegrove deliver conventional finance backgrounds to Algofi, having labored on Castle’s mounted source of revenue crew ahead of leaving to ideate a brand new decentralized finance answer, which took form inside Y Combinator’s summer season 2021 accelerator and introduced as Algofi in August 2021.
Upon release, Algofi will come with simple on-ramps for fiat foreign money into crypto on Algorand, permitting customers to start out incomes yield on Algofi right away.
Algorand + Algofi
Algofi decided on Algorand as its underlying generation spouse because of the in a position availability of sturdy developer gear which enabled the easy introduction of good contracts that energy Algofi; the energetic and engaged group round Algorand; and the generation’s confirmed luck in real-world monetary use instances. In an effort to create a platform this is user-friendly on a mass scale, issues of friction like excessive transaction charges and complicated bridging processes are untenable:
“DEVELOPMENT ON ALGORAND PERMITS < $0.01 TRANSACTIONS IN COMPARISON TO ~$15 OR EXTRA ON DIFFERENT INCUMBENT NETWORKS. TOP PRICES AND GRADUAL TRANSACTIONS MAKE DECENTRALIZED LENDING MARKETS INACCESSIBLE TO THE VAST MAJORITY OF DOABLE CUSTOMERS. WE’RE ADDITIONALLY EXCITED TO BE PART OF ALGORAND’S DEFI ECOSYSTEM ALONG THE LIKES OF YIELDLY, TINYMAN, AND ALGODEX, THE PLACE WE ALREADY SEE A LARGE NUMBER OF SYNERGIES.”
– JOHN CLARKE, ALGOFI CO-FOUNDER