Algorand witnessed an impressive cash injection in late 2022, with decentralized finance (DeFi) primarily responsible for this growth. Algorand has several innovative projects that also appeal to investors. The network uses a pure proof-of-stake (PoS) model to differentiate itself from other cryptos like Bitcoin. Therefore, according to experts, the power of Algorand; Decentralization lies in its emphasis on scalability and community. Algorand aims to create a borderless economy. Its goal is to provide a platform for long-term economic opportunities. So far, Algorand has featured some DeFi platforms in its ecosystem. Here are 3 altcoins to watch on the ALGO network, according to analyst Lawrence Mike Woriji.
Algorand-based Lofty Finance tops the list
Lofty helps people make a good financial future by investing in real estate. It allows you to buy tokenized real estate investments for as little as $50 and your rent is paid into your wallet. Lofty deals with “fractional purchases”. This means breaking down assets into units that can be easily traded. Lofty plans to make real estate investment accessible to everyone. Building on a Blockchain is crucial to achieving this goal. According to the expert, Lofty removes key barriers to blockchain adoption and democratizes crypto wallets.
Capital market protocol: Folks Finance
Folks Finance is the leading capital markets protocol in Algorand. This platform focuses on lending and borrowing assets in the Algorand DeFi ecosystem. Also, Folks leverages smart contract technology to provide advanced strategies. It also eliminates the risk of centralized intervention. Thus, Folks’ lending operations allow users to deposit liquidity instantly and earn a sustained economic return.
Also, users can take advantage of borrowing to claim crypto loans. However, they have to lock the deposited funds as collateral. Folk’s goal is to provide flexible and impressive interest rates along with strong incentives for lenders and borrowers. This creates a money market that meets the needs of both parties. Folks leverages Algorand’s fast, low-cost, scalable, secure and decentralized infrastructure to provide a unique DeFi lending and borrowing protocol.
Last coin on the list: Gard Protocol
GARD Protocol is an Algorand-based lending protocol. It uses collateralized debt positions (CDP) to mint the native stablecoin GARD. This means users must lock their ALGO into a smart contract to purchase GARD. However, users do not lose their right to admin voting. Even if their assets are locked, they can participate in the protocol vote.
GARD is intended to be a fully decentralized dollar and is backed by collateral that has real value. In other words, GARD is intended to be pegged to USD through a set of guidelines and pegging mechanisms. Gard is currently ranked 6th in Algorand in terms of TVL. Finally, cryptocoin.com We would like to emphasize that every investor should invest in line with their own research.
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