Algofi

What is Algofi (BANK)?

Founded in 2021, Algofi is a suite of decentralized financial protocols built on the Algorand blockchain. The protocol's core aim is to create the infrastructure of the new financial system – one that is inclusive, transparent, and permissionless.

What makes Algofi unique?

Financial infrastructure requires high scalability. For example, the VISA network serves roughly 2k transactions per second (up to 65k TPS). The scalability of Algofi’s lending, swapping, and stablecoin protocols is made possible by Algorand's novel consensus algorithm Pure Proof of Stake (PPOS). PPOS is an extension of POS that uses a randomized leader selection process that enhances its protection against DDOS or other malicious behavior. PPOS enables Algorand to achieve high throughput without sacrificing its security or decentralization. The Algorand network seeks to achieve 10k TPS by 2023 and ultimately 50k TPS.

The Algofi core team selected Algorand for its technology and ability to support a large scale financial platform. Much of the Algofi core team originates from the traditional financial system and uniquely understands its strengths and weaknesses. In the future, Algofi will be able to support millions of users who use the protocol to earn interest, borrow, and invest.

Today, users can start lending and trading on Algofi using Pera Wallet, MyAlgo Wallet, Fireblocks, or Exodus. Algofi is Ledger-compatible.

An integration with Coinbase Pay also allows users to purchase ALGOs directly into their Algorand wallets for use on the protocol.

Algofi has suffered no security vulnerabilities since launch as the core developers prioritize, above all other considerations, the safety of the underlying smart contracts. A rigorous security auditing process is employed during each release which has been documented on the Algofi blog.

The Algofi team works closely with Algorand Inc and the Algorand Foundation to promote the Algorand ecosystem and evolve in technology stack.

Is there a BANK token?

BANK token was launched in October 2022 to bootstrap the Algofi DAO. Users can create and launch governance proposals to change Algofi protocol parameters, initiate protocol improvements, and manage the Algofi treasury. The Algofi community now controls the direction of the protocol and how it can positively impact the world.

Who are the founders of Algofi?

Algofi is founded by a team of quants and software engineers that hail from the financial and technology industries. All are passionate about the decentralized finance space and its potential to increase the transparency and inclusiveness of financial markets. They believe DeFi can solve problems where financial institutions are untrustworthy and aim to contribute to the financial infrastructure on which the world’s payments and banking applications rely. Financial evolution will not happen overnight but demonstrating the power of DeFi technology and building communities around it will help make the case for DeFi as an essential part of the financial world over time.