Folks Finance: analysis of the gALGO ecosystem

The Folks Finance platform offers a wide range of DeFi options to trade. One of the keys is its “gALGO” ecosystem, where these tokens can be used in a variety of projects of different kinds. In this article we will review each of them and what their highlights are.

gALGO ecosystem and its categories

Folks Finance’s gALGO ecosystem brings together a large number of projects where this token can be used. The purpose is to be able to perform different actions in order to take advantage of gALGO on various platforms, which include DEXs, NFTs, GameFI, loans, SocialFI and bridges. Each edge covers different topics, so it is important to know the advantages and risks associated with each of them, which in turn we recommend investigating in detail.

To know a little more about these topics, it is convenient to carry out a brief conceptualization of each one:

• DEXs are decentralized exchanges, where token interchanges can be carried out.

• NFTs or non-fungible tokens are used in a variety of projects such as digital art, collectibles, gaming, among others.

• The GameFI category covers the entire video game industry through blockchain, ushering in the Web3 era.

• Regarding loans, there are platforms that accept tokens as guarantee to grant them in another currency.

• SocialFI is a new category that aims to bring together social interactions with decentralized finance.

• Bridges are the ones that allow blockchain interoperability through the use of different protocols and chains.

These are the categories of projects that currently make up the gALGO ecosystem, briefly described in order to have a general understanding of what exists within the platform. Below we offer a description of each of the projects and what benefits they present for the gALGO token.

Projects that make up the gALGO ecosystem

As we said before, the gALGO ecosystem is made up of a variety of projects that fall into different categories. To facilitate understanding, we will divide the different developments in order to have a complete analysis of the entire ecosystem in a clear way.

DEXs

There are a wide variety of decentralized exchanges within the Algorand network that support trading with gALGO.

● Algodex:

This decentralized exchange supports exchanging gALGO for ALGO within its platform.

● Algofi:

This platform allows you to provide gALGO in common pools and provides interest for it.

● Humble: 

Another of the Algorand network platforms that admit gALGO in their pools.

● Tinyman:

The Tinyman platform also allows gALGO to be used in its common pools.

● Pact:

Like previous DEXs, Pact supports gALGO tokens in its pools.

NFTs

There are a large number of projects related to non-fungible tokens within the Algorand network that support gALGO.

● ALGOxNFT:

ALGOxNFT is a digital art marketplace that supports gALGO to buy NFTs and participate in shuffles.

● Fracctal Monsters:

Fracctal Monsters is a video game that combines action, strategy, and cards in a battle-style game. In it you can use gALGO to acquire NFTs.

● Al Goanna:

Al Goanna is a NFT collectibles project within Algorand, which has a partnership with Folks Finance to make use of gALGO.

● Alandia:

Alandia is a collateralized loan platform, which allows you to unlock liquidity in NFTs to borrow gALGO.

● Exa Market:

Exa Market is a digital marketplace for NFTs that allows you to use gALGO to buy them and participate in shuffles.

● Gekofam:

Gekofam is an NFT project within Algorand related to digital art, which supports gALGO to acquire the works.

● High Forge:

High Forge is a tool that allows you to launch and generate NFTs within the Algorand network. This platform allows you to use gALGO to mint NFTs.

● Mango & Mostly Frens:

Mango & Mostly Frens is a platform for digital art collectibles. Admit gALGOS to redeem Dream Quest loot.

● Nftexplorer:

Nftexplorer is an explorer to track NFTs, which allows you to keep track of gALGO.

● Algogems:

Algogems is a vanguard, open NFT marketplace designed for Algorand. In it you can buy, sell, bid, exchange or merge NFTs through gALGO.

Loans

There are a variety of lending protocols that support gALGO for borrowing other tokens.

● Folks Finance:

Folks Finance’s own platform allows gALGO and related LP to be used as guarantee when borrowing a wide variety of assets.

● GARD:

Within the GARD protocol, gALGO can be used to borrow $GARD.

● XBacked:

The XBacked platform supports gALGO to mint its stablecoin《xUSD》with the Xbacked Vaults.

GameFI

GameFI is one of the fastest growing spaces within the blockchain universe, transforming the entire gaming industry through Web3.

● Aegir Tactics:

This digital card game supports gALGO to make purchases within its platform.

● Polynize:

Polynize is an eSports gaming platform for training and competing. In it you can win gALGO as a reward for playing.

● Zone:

Zone is a blockchain gaming platform that allows you to earn gALGO by playing its different games.

SocialFI

SocialFI aims to bring together social interactions with decentralized finance and communications.

● Thinking:

Thinking is an innovative SocialFI platform that supports the use of gALGO in its communication and investment center for Web3 users.

Bridges

Bridges are the ones that allow interoperability between different protocols or blockchain networks. Thanks to them, interaction between different projects and chains can be achieved.

● Milkomeda:

Milkomeda is a bridge that allows users to send and receive tokens in different protocols. It supports sending gALGO from the Algorand mainnet to another address.

Conclusion

Folks Finance’s gALGO ecosystem is extensive and continues to expand to incorporate new projects where the token can be used. We can find projects of different kinds, including DEXs, NFTs DEXs, NFTs, GameFI, loans, SocialFI and Bridges. It is important to know each of them, as well as to observe their associated benefits and risks.