Folks Finance Introduces xALGO for Enhanced Liquid Staking on Algorand

Folks Finance has announced the launch of xALGO, a revamped liquid staking solution designed to adapt to the upcoming changes in the Algorand blockchain’s reward distribution system. This update is poised to offer users a simpler and more flexible way to earn rewards by participating in the Algorand consensus without the need to run a node themselves.

With a few clicks on @FolksFinance, you can commit to securing the Algorand network and be passively rewarded with ALGO!

Folks is relaunching xALGO as the primary Liquid Staking product for ALGO.

Learn more ⤵️https://t.co/JAk9tqRfiO

— Algorand Foundation 🐍 (@AlgoFoundation) June 26, 2024

Changes to the Algorand Protocol

Earlier in January 2024, the Algorand Foundation released “The Algorand Gambit,” a strategic roadmap outlining significant updates for the year, including a shift in the ALGO distribution method. The new system, the Consensus Reward model, will allocate rewards to users who stake their ALGO directly through nodes, thus supporting the blockchain’s consensus mechanism. This is a departure from the previous Governance model where rewards were given to Governors for voting on key decisions via a web application.

xALGO aims to lower the barriers to participation in Algorand’s network security by eliminating the need for technical expertise and substantial time and capital investments typically required to run a node. By using Folks Finance’s platform, users can easily engage in securing the network and receive passive ALGO rewards managed entirely by Folks Finance.

For those familiar with gALGO, the previous staking product, xALGO will provide a similar user experience but with notable improvements. One significant upgrade is the removal of the need for periodic recommitment. Under the former Governance model, users had to recommit every three months to continue receiving rewards. With xALGO, this is no longer necessary, enabling a “set-and-forget” approach that ensures continual yield without the hassle of regular re-engagement.

Sourced from cryptonews.net.

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