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Algofi

Defi, Digital Assets

About Algofi

Algofi is a fast, low-cost crypto lending market on the Algorand blockchain that makes decentralized lending broadly accessible. Algofi aims to be the first crypto-native bank that bridges the gap between traditional and decentralized finance. Algofi's simple fiat on-ramp allows users to buy crypto and earn interest without a bank or centralized custodian. In addition, traders can use Algofi to go short or to trade with leverage.  In the future, Algofi will offer more traditional banking services like savings accounts and credit cards, all powered by the growing DeFi ecosystem on Algorand. 

How Algofi is using Algorand

By leveraging the Algorand protocol and its Pure Proof-of-Stake (PPoS) consensus mechanism, Algofi is able to facilitate sub-cent transactions that settle in seconds--a key component of Algofi’s user-friendly, mass-accessible platform. This foundation will also enable Algofi to continue scaling its platform in terms of number of transactions as well as the introduction of new financial services in the future. In addition, Algofi chose to build on Algorand due to its very strong native community and the ready availability of robust developer tools, which enable the fast and simple creation of the smart contracts that power Algofi.

Latest News

08-16-2021
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Y Combinator and Citadel Alums Launch DeFi Lending Protocol Algofi on the Algorand Blockchain

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