Glitter Finance x GARD Staking Partnership Announcement
GARD Protocol is excited and humbled to announce its staking partnership with Glitter Finance. This is the first of many Algorand staking partnerships we will be announcing in the coming months that will enable us to bring disparate Algorand DeFi communities together. Glitter Finance users can now leverage the GARD dApp to stake their XGLI tokens to earn xSOL tokens. By leveraging the GARD Protocol’s best in class staking smart contracts, users can now ‘set and forget’ their XGLI tokens so their assets continuously compound without any need for daily claiming or restaking their assets.
“Bringing our communities together is a powerful force as we continue to educate and onboard new users to the GARD dApp for Algorand Governance, stablecoin staking, earning additional yield from whitelisted ASAs like gALGO, and more are introduced to everything Glitter Finance has to offer. The reverse is also true as this helps to effectively lower the barrier to entry for Glitter Finance users coming to the GARD Protocol for the first time that might want to take advantage of everything Algorand DeFi has to offer. When folks get used to staking their ASAs with the GARD Protocol, they’re inclined to look no further. This is just a part of why we are so excited to share our world class Algorand staking contracts with the world.” – Rylie Rueda, GARD CEO
While there are many options for staking available within the Algorand DeFi ecosystem, there’s a reason protocols like Glitter Finance trust and can benefit from the GARD Protocol’s staking contracts. If you’d like to chat with the GARD team about listing your project on the GARD platform and distributing your tokens between both our communities please inquire to hello@algogard.com. Onboarding new projects will take us some time and work when communicating these initiatives to the community as well as when deploying new contracts, however, we should be able to launch new projects expediently.
The Importance of Algorand Staking
Staking your Algorand (ALGO) allows you to passively earn rewards for your help to secure the network. When users leverage the GARD Protocol they can take advantage of various opportunities to earn additional yield on their ASAs. Many ALGO holders participate in Algorand Governance, for example, where they can make a no-lock commitment to vote their assets on the future of Algorand in exchange for rewards. Many users do so through DeFi protocols like GARD to earn additional rewards as a way to maximize yield. If users want to get additional leverage there are many tactics one can deploy to do so like looping. Many users also take advantage of the ability to borrow GARD against their ALGOs committed to governance or ASAs that find their way into a GARD CDP like gALGO, and can then stake their GARD natively on the GARD Protocol’s dApp to truly maximize their yield. At the time of writing this piece the GARD Staking APR is ~7.54%. The basic principle is that there are various opportunities to earn with your Algorand Standard Assets (ASAs) and with protocols like GARD users can stack their strategies like legos and in doing so earn a healthy return by compounding yields across a wide variety of strategies.
To learn more about other exciting ways to earn rewards and get the most out of your ASAs please visit our incentives page linked here. If you have any further questions or concerns please feel free to ask us directly in Telegram, Twitter, or Discord.
About Glitter Finance
Glitter Finance is a cross-chain DeFi protocol focused on bridging assets across multiple blockchains and maximizing value across different networks and DeFi protocols. Glitter Finance acts as an interoperability protocol between Algorand and other blockchains/protocols. It allows for easy integration with supported blockchain smart contracts, protocols, decentralized exchanges (DEX), and wallets to enable accessibility across various blockchain networks. Glitter Finance token (XGLI) serves the Glitter DAO and also powers the Glitter bridge. Glitter Finance Website
About GARD Protocol
The GARD Protocol offers groundbreaking decentralized money and fixed-yield products for Algorand users and governors alike. Users can draw a stable line of credit from their ALGOs while earning interest on them through governance, borrow against whitelisted ALGO derivative ASAs, stake GARD for higher yields, and even trade their collateralized debt positions in the future. This system enables billions of locked ALGOs to regain their full utility while participating in governance. GARD Protocol Website
Disclaimer
This is not to be interpreted as financial advice of any kind and we strongly encourage folks to do their own research. More information on GARD Protocol's disclaimer can be found here.