{"id":"folks-finance","hidden":false,"ipfs":"QmVJv5WfofNnujTxyzEyJ9UuYcSDxg7xTSg9pcEEhXgJbV","language":"en","transactionHash":"0x3891704ec079d3b11286c7f23db829fdae39dbb8695825d2ee671829dbe4f33a","created":"2026-09-02T13:31:06.969Z","updated":"2026-09-02T13:31:06.969Z","title":"Folks Finance","summary":"Folks Finance is a crosschain decentralized finance (DeFi) protocol that enables users to lend, borrow, stake, and manage digital assets across multiple blockchains via unified liquidity and native multichain tokens.","content":"Folks Finance is a crosschain [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) protocol that enables users to lend, borrow, stake, and manage digital assets across multiple [blockchains](https://iq.wiki/wiki/blockchain) via unified liquidity and native multichain tokens. Founded in 2021 and originally launched as the primary DeFi application on [Algorand](https://iq.wiki/wiki/algorand), the protocol later expanded into a multichain lending hub built around a hub-and-spoke architecture.[\\[1\\]](#cite-id-tr7pxal3r1)​[\\[2\\]](#cite-id-p6si8r658w)​\n\n​\n\n## Overview\n\nFolks Finance describes itself as an open-source, non-custodial protocol comprised exclusively of autonomous [smart contracts](https://iq.wiki/wiki/smart-contract) deployed on public [blockchains](https://iq.wiki/wiki/blockchain). According to its operators, the protocol is permissionless and ownerless by design and \"is not operated, managed, or controlled by any person or entity.\"[\\[3\\]](#cite-id-0qnrg69qez) The stated design goals are efficiency, security, and accessibility for both retail users and institutions, with a user experience intended to resemble that of a [centralized exchange](https://iq.wiki/wiki/cex-centralized-exchange).[\\[4\\]](#cite-id-xf651fe87h)​[\\[1\\]](#cite-id-tr7pxal3r1)​\n\nThe core function is lending and borrowing. A user connects a wallet, supplies a digital asset, and begins collecting rewards based on market borrowing demand; the supplied assets can then be used as [collateral](https://iq.wiki/wiki/collateral) to borrow other assets. Deposited tokens are held in publicly accessible [smart contracts](https://iq.wiki/wiki/smart-contract) that enable overcollateralized borrowing according to market parameters. Transactions incur protocol service fees, which are used to reward [liquidity providers](https://iq.wiki/wiki/liquidity-providers) and maintain the infrastructure.[\\[3\\]](#cite-id-0qnrg69qez)​[\\[2\\]](#cite-id-p6si8r658w)​\n\n## History\n\nFolks Finance was established in 2021 and went live on the [Algorand](https://iq.wiki/wiki/algorand) [mainnet](https://iq.wiki/wiki/mainnet) around April 2022, positioning itself as [Algorand](https://iq.wiki/wiki/algorand)'s largest DeFi protocol with a suite covering lending, [liquid staking](https://iq.wiki/wiki/liquid-staking), automated looping, and a [DEX](https://iq.wiki/wiki/decentralized-exchange) router.[[5]](#cite-id-93k8s0sih2)​[[1]](#cite-id-tr7pxal3r1) The company's GitHub organization, which hosts its Algorand JavaScript SDK, liquid-staking contracts, and cross-chain [smart contracts](https://iq.wiki/wiki/smart-contract), was created on 2 March 2022 and maintained 17 public repositories.[[6]](#cite-id-3xu1gmiobl)​\n\nOn the fourth anniversary of its [mainnet](https://iq.wiki/wiki/mainnet) launch in April 2026, the company stated that the protocol had \"facilitated billions in lending and borrowing volume\" and \"grown to serve hundreds of thousands of users,\" figures it presents as self-reported.[[1]](#cite-id-tr7pxal3r1) The protocol's expansion beyond [Algorand](https://iq.wiki/wiki/algorand) into a crosschain lending platform — branded xChain — marked its shift from a single-chain application to a multichain hub. By early 2026 it had expanded to nine [blockchains](https://iq.wiki/wiki/blockchain), and in April 2026 it enabled crosschain [WBTC](https://iq.wiki/wiki/wrapped-bitcoin-wbtc) and [WETH](https://iq.wiki/wiki/weth-wrapped-eth) on Algorand, allowing bitcoin and ether to move into the Algorand ecosystem through its xPortal tool for use in lending and borrowing.[[2]](#cite-id-p6si8r658w)​[[1]](#cite-id-tr7pxal3r1)​\n\n## Technology and Architecture\n\nFolks Finance operates through a series of autonomous [smart contracts](https://iq.wiki/wiki/smart-contract) deployed across several public [blockchains](https://iq.wiki/wiki/blockchain), organized under a hub-and-spoke model. Rather than deploying a separate, isolated instance on each chain, the protocol designates a primary \"Hub Chain\" — currently [Avalanche](https://iq.wiki/wiki/avalanche) — that manages global state and a unified [liquidity pool](https://iq.wiki/wiki/liquidity-pool), while \"Spoke Chains\" such as [Ethereum](https://iq.wiki/wiki/ethereum), [Base](https://iq.wiki/wiki/base), and [BNB Chain](https://iq.wiki/wiki/binance-smart-chain) serve as entry points for users. When a user interacts with a spoke, the protocol relies on cross-chain messaging to communicate with the hub, and its [smart contracts](https://iq.wiki/wiki/smart-contract) move data and value behind the scenes. The design is intended to consolidate liquidity that would otherwise be fragmented across networks, so that a single unified pool — including a unified [USDC](https://iq.wiki/wiki/usdc) pool on the [Avalanche](https://iq.wiki/wiki/avalanche) hub — is accessible from every connected chain. The company states this model is live on [mainnet](https://iq.wiki/wiki/mainnet).[[2]](#cite-id-p6si8r658w)[[3]](#cite-id-0qnrg69qez)\n\nInteroperability across chains is handled by a combination of third-party messaging and transfer technologies: [Chainlink](https://iq.wiki/wiki/chainlink)'s Cross-Chain Interoperability Protocol (CCIP), [Circle](https://iq.wiki/wiki/circle)'s Cross-Chain Transfer Protocol (CCTP), and [Wormhole](https://iq.wiki/wiki/wormhole) messaging. The operators state that this combination allows the protocol to eliminate the need for wrapping assets, bridging liquidity, or splitting it across networks, giving users access to unified pools and letting them collateralize assets natively across ecosystems.[[4]](#cite-id-xf651fe87h)[[3]](#cite-id-0qnrg69qez)\n\nRisk in the lending markets is managed through overcollateralization and a [liquidation](https://iq.wiki/wiki/liquidation) mechanism. A [liquidation](https://iq.wiki/wiki/liquidation) is triggered when a borrower's \"health factor\" falls below 1 — that is, when the [collateral](https://iq.wiki/wiki/collateral) value no longer properly covers the borrow value, whether because [collateral](https://iq.wiki/wiki/collateral) has declined in price or because the borrow position has grown beyond the collateral's liquidation threshold.[[3]](#cite-id-0qnrg69qez)[[2]](#cite-id-p6si8r658w)\n\nPrice data for the lending markets is drawn from multiple oracle providers. The protocol uses [Pyth Network](https://iq.wiki/wiki/pyth-network)'s pull oracle, with the company quoting Pyth that its \"Price Feeds are a core part of our infrastructure, providing us with secure, reliable, and low latency price feeds.\" [Chainlink](https://iq.wiki/wiki/chainlink) Price Feeds are used for integrations such as the [LINK](https://iq.wiki/wiki/link) [liquid staking](https://iq.wiki/wiki/liquid-staking) token, and in August 2026 the protocol integrated [DIA](https://iq.wiki/wiki/dia)'s price feeds to further strengthen the oracle infrastructure powering its xChain lending markets.[[3]](#cite-id-0qnrg69qez)[[7]](#cite-id-g3vzvjc95r)\n\n## Products and Tools\n\nFolks Finance offers a set of named products spanning its crosschain and Algorand-native operations:\n\n* **xChain** — the crosschain application that lets users lend, borrow, and trade digital assets across multiple networks through a single unified crosschain account.[[3]](#cite-id-0qnrg69qez)\n* **xPortal** — a transfer tool that moves the FOLKS token and other [Wormhole](https://iq.wiki/wiki/wormhole) Native Token Transfer (NTT) tokens across [blockchains](https://iq.wiki/wiki/blockchain), and also handles native, automated transfers of assets such as WBTC and WETH from EVM chains into [Algorand](https://iq.wiki/wiki/algorand).[[3]](#cite-id-0qnrg69qez)[[1]](#cite-id-tr7pxal3r1)\n* **[Algorand](https://iq.wiki/wiki/algorand) suite** — a full DeFi product set described as Algorand's largest protocol, including lending, [liquid staking](https://iq.wiki/wiki/liquid-staking), automated looping, and a DEX router.[[3]](#cite-id-0qnrg69qez)\n* **xALGO liquid** [**staking**](https://iq.wiki/wiki/staking) — Algorand's [liquid staking](https://iq.wiki/wiki/liquid-staking) token, which the protocol presents as offering security, liquidity, and rewards; users can also participate in Algorand Governance through its gALGO and xALGO assets.[[8]](#cite-id-7qr2butp3m)[[5]](#cite-id-93k8s0sih2)\n* **Folks Router** — a swap-routing tool that routes trades to access efficient liquidity across Algorand.[[3]](#cite-id-0qnrg69qez)\n\nBeyond these, the protocol supports liquid [staking](https://iq.wiki/wiki/staking) tokens (LSTs) such as gMON and sMON so users can earn staking rewards while keeping capital liquid, and it offers automated \"looping\" strategies that amplify exposure by recursively borrowing and supplying the same asset. Developers can build on the permissionless [smart contracts](https://iq.wiki/wiki/smart-contract) using the protocol's software development kits (SDKs), which include a JavaScript Algorand SDK and crosschain SDKs for integrations.[[2]](#cite-id-p6si8r658w)​[[3]](#cite-id-0qnrg69qez)​\n\nThe protocol also runs an educational site, Folks Finance Academy, which teaches the basics of [blockchain](https://iq.wiki/wiki/blockchain), DeFi, and asset management on the platform. Organized around a \"Mastery in 3 steps\" path of watching videos, taking quizzes, and practicing, its content is split into \"DeFi & Blockchain\" primers and \"Folks Tutorials\" covering tools such as xPortal, xChain lending, xALGO [staking](https://iq.wiki/wiki/staking), and loan management, with individual videos ranging from under a minute to several minutes.[[9]](#cite-id-17t0oxyimn)​[[10]](#cite-id-zwiu9ofg9z)​\n\n## FOLKS Token\n\nThe **FOLKS** token is the native asset of the protocol and launched on 6 November 2025. It is described as the \"coordinating layer\" of the system, bringing utility, governance, and alignment mechanisms to the protocol, its contributors, and its community. The token has a total and maximum supply of 50 million.[[3]](#cite-id-0qnrg69qez)[[4]](#cite-id-xf651fe87h)\n\nAccording to the project's [tokenomics](https://iq.wiki/wiki/tokenomics) documentation, FOLKS is distributed across categories such as community-facing incentives, ecosystem development and liquidity programs, team and contributors, investors or treasury holdings, and other protocol reserves intended to support long-term growth and operations.[[11]](#cite-id-3epok71llz) These allocations are subject to vesting and unlock schedules that differ between insiders and community-focused buckets, with the stated aim of aligning long-term contributors with protocol health while reserving a meaningful portion of supply for user incentives and ecosystem expansion, rather than releasing the full supply immediately.[[3]](#cite-id-0qnrg69qez)\n\nThe documentation describes FOLKS utility as spanning governance rights, rewards or discounts linked to protocol fees, incentives for providing liquidity and using lending or [staking](https://iq.wiki/wiki/staking) products, and mechanisms intended to align the interests of core contributors, partners, and users with the performance and security of the protocol.[[11]](#cite-id-3epok71llz) Detailed figures on allocations, vesting mechanics, [airdrop](https://iq.wiki/wiki/airdrop) criteria, and bridging steps are maintained in the project's own tokenomics, utilities, airdrop, and bridging pages rather than being reproduced in full here.[[3]](#cite-id-0qnrg69qez)\n\nRather than existing as wrapped or synthetic copies on secondary networks, FOLKS uses the [Wormhole](https://iq.wiki/wiki/wormhole) NTT standard so that a single token exists natively across all supported chains. According to the protocol's documentation, FOLKS is natively live on [Avalanche](https://iq.wiki/wiki/avalanche), [Ethereum](https://iq.wiki/wiki/ethereum), [Base](https://iq.wiki/wiki/base), [BNB Chain](https://iq.wiki/wiki/binance-smart-chain), [Arbitrum](https://iq.wiki/wiki/arbitrum), [Polygon](https://iq.wiki/wiki/polygon), [Algorand](https://iq.wiki/wiki/algorand), and [Sei](https://iq.wiki/wiki/sei) Network, with more native deployments planned in line with the protocol's chain-integration roadmap. On EVM chains the token carries the contract address 0xff7f8f301f7a706e3cfd3d2275f5dc0b9ee8009b, and on [Algorand](https://iq.wiki/wiki/algorand) it is identified by asset ID 3203964481.[[11]](#cite-id-3epok71llz)[[2]](#cite-id-p6si8r658w)\n\nToken holders can participate in governance by reviewing and voting on proposals; the protocol's interface has surfaced governance proposals available for community review, with FOLKS holders able to vote. Utility, [tokenomics](https://iq.wiki/wiki/tokenomics), [airdrop](https://iq.wiki/wiki/airdrop), and bridging details are documented separately by the project, which published a \"FOLKS Tokenomics\" note on 2 November 2025 describing the token's role.[[3]](#cite-id-0qnrg69qez)[[2]](#cite-id-p6si8r658w)\n\n## Ecosystem and Integrations\n\nFolks Finance has listed a range of third-party assets and integrated protocols into its crosschain lending markets. [Ethena](https://iq.wiki/wiki/ethena)'s [USDe](https://iq.wiki/wiki/usde) and [sUSDe](https://iq.wiki/wiki/ethena-staked-usde-susde) [stablecoins](https://iq.wiki/wiki/stablecoin) were listed for deposits, [collateral](https://iq.wiki/wiki/collateral), and crosschain borrowing; [Shiba Inu](https://iq.wiki/wiki/shiba-inu)'s SHIB was added using [Chainlink](https://iq.wiki/wiki/chainlink) CCIP to address liquidity fragmentation; and [Avant](https://iq.wiki/wiki/avant) Protocol's savUSD was enabled as [collateral](https://iq.wiki/wiki/collateral). [Liquid staking](https://iq.wiki/wiki/liquid-staking) tokens from several projects have been supported, including Magma's gMON — which came with a 3X Magma points multiplier — Kintsu's sMON, and stake.link's [LINK](https://iq.wiki/wiki/link) liquid [staking](https://iq.wiki/wiki/staking) token, the last \"powered exclusively using [Chainlink](https://iq.wiki/wiki/chainlink) Price Feeds and CCIP.\" Treehouse's tAssets went live with support for tETH and tAVAX and cross-chain borrowing, while [Solv Protocol](https://iq.wiki/wiki/solv-protocol)'s [SolvBTC](https://iq.wiki/wiki/solv-protocol-solvbtc) holders gained access to cross-chain collateralization through the xChain app. [Aethir](https://iq.wiki/wiki/aethir) launched what was described as the first lending market for its ATH token on the platform, and [Bitlayer](https://iq.wiki/wiki/bitlayer)'s YBTC.b vault accumulated more than 50 YBTC in deposits. [USDT0](https://iq.wiki/wiki/usdt0) went live on [Monad](https://iq.wiki/wiki/monad), and [Polygon](https://iq.wiki/wiki/polygon) lending strategies were added following the arrival of the protocol on chains such as [Arbitrum](https://iq.wiki/wiki/arbitrum).[[3]](#cite-id-0qnrg69qez)​\n\nIn the wider market, FOLKS has been listed on trading venues including [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange) and decentralized pools. The token was listed on Variational on 28 August and on [Lighter](https://iq.wiki/wiki/lighter) — which enabled perpetuals trading of FOLKS at 3x [leverage](https://iq.wiki/wiki/leverage) — on 14 July. On [Base](https://iq.wiki/wiki/base), a FOLKS/[USDC](https://iq.wiki/wiki/usdc) pool on [Aerodrome](https://iq.wiki/wiki/aerodrome-finance) became eligible for AERO emissions in July 2026, and the protocol later launched FOLKS/[USDC](https://iq.wiki/wiki/usdc) pools on [Base](https://iq.wiki/wiki/base) and, via [PancakeSwap](https://iq.wiki/wiki/pancakeswap), on [Arbitrum](https://iq.wiki/wiki/arbitrum).[[7]](#cite-id-g3vzvjc95r)​[[2]](#cite-id-p6si8r658w)​\n\n### Developments\n\nThrough 2026, Folks Finance pursued institutional outreach and public visibility alongside its product expansion. CEO [Benedetto Biondi](https://iq.wiki/wiki/benedetto-biondi) wrote for Forbes Councils on institutions moving on-chain and on the product-market fit of automated smart-contract lending, and the company reported meetings including one at the UK Parliament's House of Lords hosted by the Global [Blockchain](https://iq.wiki/wiki/blockchain) Business Council (GBBC). In June 2026 the project stated it had been included in the GBBC's \"101 Real-World [Blockchain](https://iq.wiki/wiki/blockchain) Use Cases\" handbook, and it appeared at industry events including the [Hong Kong Web3 Festival](https://iq.wiki/wiki/hong-kong-web3-festival), the [Crypto Investment Show](https://iq.wiki/wiki/crypto-investment-show) in Seoul, and the Point Zero Forum in Zurich.[[1]](#cite-id-tr7pxal3r1)\n\nOn the product side, recent activity has centered on deepening liquidity and oracle infrastructure across chains: integrating [DIA](https://iq.wiki/wiki/dia) price feeds for xChain lending in August 2026, launching FOLKS/[USDC](https://iq.wiki/wiki/usdc) [liquidity pools](https://iq.wiki/wiki/liquidity-pool) on [Base](https://iq.wiki/wiki/base) and [Arbitrum](https://iq.wiki/wiki/arbitrum), and enabling AERO emissions for FOLKS liquidity on Aerodrome. The project has also published a 2026 roadmap and run reward campaigns tied to its points program.[[7]](#cite-id-g3vzvjc95r)[[2]](#cite-id-p6si8r658w)\n\n## Funding\n\nFolks Finance has raised a reported total of 6.5 million US dollars across multiple rounds. Its seed round closed on 20 January 2022, raising 3 million dollars from 15 investors. A later Series A raised 3.2 million dollars from 29 investors on 14 November 2024. Additional recorded rounds include an earlier Series A entry in December 2023 and a further funding round in July 2024, and on 3 July 2025 the protocol received a 300,000-dollar grant led by [Polygon](https://iq.wiki/wiki/polygon).[\\[1\\]](#cite-id-tr7pxal3r1)​\n\nEarly backing came from a broad group of crypto-focused venture firms and strategic investors. The project's principal early backers include Borderless Capital, [ParaFi Capital](https://iq.wiki/wiki/parafi-capital), Jump Crypto, and [Coinbase Ventures](https://iq.wiki/wiki/coinbase-ventures).[\\[4\\]](#cite-id-xf651fe87h)​[\\[7\\]](#cite-id-g3vzvjc95r) Its wider investor list also comprises Valhalla Capital, SkyBridge20 Ventures, Absoluta Digital, Mapleblock, Genesis Trading, Calvin Liu, Gains Associates, ZBS Capital, Polymorphic Capital, Eterna Capital, Meld Ventures, Youbi Capital, [OKX](https://iq.wiki/wiki/okx) Ventures, and the [Algorand](https://iq.wiki/wiki/algorand) Foundation.[\\[5\\]](#cite-id-93k8s0sih2)​","recentActivity":null,"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"categories":[{"id":"projects-and-protocols","title":"Projects & Protocols"}],"tags":[{"id":"Ethereum"},{"id":"DeFi"},{"id":"Arbitrum"},{"id":"Base"}],"images":[{"id":"QmZYSeJtD6QVwixVAH2Kpz6FMUJax2AjUnRdtii7EDwvjp","type":"image/jpeg, 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