**Folks Finance Unveils xChain Protocol, Expanding into Ethereum, Avalanche, and Base**
Folks Finance, a rapidly emerging hub in decentralized finance (DeFi), has unveiled its next major advancement with the introduction of the xChain protocol. As a frontrunner in DeFi on the Algorand blockchain, the platform is now broadening its ecosystem to encompass three additional networks: Ethereum, Avalanche, and Base.
**Enhancing Interoperability with xChain**
This strategic move is designed to enhance interoperability and user convenience by facilitating lending, borrowing, and liquidity access across various blockchains. Users can now engage with these networks effortlessly, eliminating the need to wrap or bridge assets, which simplifies transactions and boosts liquidity. The integration with Wormhole, Pyth, Chainlink, and Circle provides a secure and streamlined cross-chain experience.
**Upgrades and Security Protocols**
The xChain protocol represents a significant enhancement for the DeFi landscape. It empowers users to manage multiple accounts through a single interface, resulting in improved liquidity management and a more user-friendly experience. Benedetto Biondi, CEO of Folks Finance, emphasizes that xChain marks the company’s most substantial expansion yet and is crucial for the evolution of cross-chain capabilities in DeFi. The application has undergone thorough testing and auditing by Ottersec and has faced additional security evaluations through two public bug bounty programs, bolstering its reliability and safety.
**Transitioning to a Comprehensive DeFi Ecosystem**
Since its inception as a lending protocol on Algorand in 2022, Folks Finance has swiftly evolved into a comprehensive DeFi ecosystem. The platform currently boasts over $100 million in total value locked (TVL) and 14,000 active wallets each month. Its ALGO-based liquid staking service commands 75% of the total liquid assets on Algorand, with the staking liquid token gALGO being the most utilized asset on the network.
With the launch of xChain, Folks Finance aims to further revolutionize the DeFi space by delivering a more secure, scalable, and efficient platform for decentralized finance activities. To safeguard user interests, Ottersec has conducted a thorough audit of the xChain application, while two public bug bounties on Immunefi invite ethical hackers to assess the code.
Early adopters of xChain, as well as users engaging with its mainnet and testnet, are set to receive rewards in recognition of their participation. Folks Finance is dedicated to providing a high-standard DeFi experience and aspires to lead the charge in the next generation of decentralized applications through this pivotal update.
