GP10: Targeted DeFi Rewards Reporting

Folks Finance
Folks Finance Community
2 min readApr 17, 2024

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The distribution of Targeted DeFi Rewards (TDR) from Folks Finance successfully enhanced activity on Folks and its partners, as well as lifted and sustained the ALGO Total Value Locked (TVL) throughout the quarter. These rewards were fully distributed across the Folks Lending Markets, Lending Pools on Pact and Tinyman, and various marketing efforts. In addition, a portion of the TDR was combined with funds allocated to other DeFi initiatives within the ecosystem, fostering collaborations that contribute to the overarching growth of Algorand.

Notably, G10 had some changes from G9 in terms of targeted assets and pairings.

-EURS was added to “Deposit Boost” assets.

-gALGO/EURS pool incentives were added on Humble.

-Added Lending Pools were:

  • PACT — EURS/USDC
  • PACT — EURS/ALGO
  • PACT — wLINK/ALGO
  • PACT — GOLD$/ALGO
  • PACT — SILVER$/ALGO
  • TINYMAN — ALGO/USDC
  • TINYMAN — ALGO/gALGO
  • TINYMAN — wBTC/ALGO
  • TINYMAN — wETH/ALGO

During the quarter, there was a sizeable increase in the USD-denominated TVL, which leapt from $196MM on January 15th, 2023, to $278MM by March 30th, 2023–41.8% growth. Nevertheless, the ALGO-denominated TVL stayed relatively flat; during the same period, beginning at 1.04 Billion and ending 1.07 Billion, which is a 2.8% rise.

Yield generation in Lending Pools originates from two key sources: the Folks Lending Markets and DEX fees. This is facilitated by fAssets on a DEX, which are the derivatives of assets held in Folks’ Lending Markets. Consequently, while assets in the lending markets accrue yield through loan repayments, fAssets gather fees from DEX swaps. This synergy enhances liquidity both for Folks Finance and associated DEXs. Due to the increased efficiency, it’s important for Folks to push adoption of Lending Pools using TDR.

A segment of the TDR was allocated to reward Consensus Participants via Algo Liquid Governance, marking a significant uptick in participation and ALGO commitment. Once again, Folks’ Consensus proved to be a valuable and popular solution. During G10, over half of all Consensus Participants joined through Folks Finance, and collected part of 70,000 ALGO.

50,000 ALGO were used for the Community Coin Contest, which encouraged the community to pool their Community Coins with gALGO to create the largest possible Liquidity Pools on partner DEXs. The contest was a great success, sparking the creation of over $300,000 in TVL, all from gALGO pools. Folks will be continuing the CCC in G11 based on this result.

50,000 ALGO were used for Zealy rewards, aimed at boosting Folks Finance’s social engagement and community initiatives. Folks’ social channels grew over the quarter, and the community generated an abundance of content relating to Folks, justifying the continuation of a Zealy allocation for G11. 572 users took part in the Zealy campaign, completing 12,686 quests in total!

Distribution Details:

Wallet Address: 3ZYJXLLQMD3K3B62B7ABWVZ53PUTQDWA3AM3TPXUFWLGGYPEGH255UGZK4

Total Distributed in this GP: 1,875,000

Total Unclaimed in this GP: 0

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Folks Finance
Folks Finance Community

DeFi at its finest: lend, borrow, trade, and manage digital assets all in one place.