xALGO Launches On Avalanche
Folks Finance, the DeFi app on Algorand, has introduced xALGO, a liquid staking derivative, into the Avalanche ecosystem. Powered by Wormhole technology, xALGO is the first Avalanche-Algorand cross-chain DeFi product available.
It is a yield-bearing version of ALGO that accumulates value from Algorand Governance rewards. Launched on the BNB Chain in May 2023, xALGO is the second chain to welcome the premier ALGO liquid staking product. Users can obtain xALGO through minting or swapping.
Users mint ALGO on the Folks Finance app, while swapping is performed on DEX Trader Joe. Two pools will be established for xALGO upon launch.
(With inputs from Shikha Singh)
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