AlgoFam,

Given the significant changes in the Algorand DeFi ecosystem, we believe that it is appropriate timing to discuss the situation at hand and to provide reassurance to the community regarding our dedication to the ecosystem at large. As many of you are well aware, earlier this week, AlgoFi decided and publicly announced their intent to shutter operations on Algorand. While this is disappointing to many, we should also take some time to applaud their efforts and contributions to the ecosystem. For quite some time they were the largest contributor to Algorand TVL, whether that be in the form of providing liquid governance solutions, stablecoins, AMM, lending infrastructure, etc. Change is never easy, but as ecosystems evolve these circumstances also present opportunities for others to pick up the slack.

Protocols like Folks Finance, GARD, Humble Swap, Pact.fi, Tinyman, and more are still here and remain resilient (and critical) infrastructure for the Algorand DeFi ecosystem. For users who may have been impacted by AlgoFi’s decision to shutter operations, here's a brief breakdown of what makes each of these projects unique as well as a glimpse into how they can be the next stop on your journey into Algorand DeFi.

GARD Protocol: GARD is overcollateralized & decentralized money that allows Algorand DeFi participants to earn sustainable yields, leverage ALGO/gALGO, and participate in Algorand Governance. For users who took advantage of AlgoFi’s liquid staking solution for Algorand Governance, it’s worth a shot to learn about the GARD dApp and learn about how one can cheaply borrow GARD and then bring it with them throughout the Algorand DeFi space. For example, users may borrow GARD and then deposit it on Folks Finance as collateral. This may be cheaper option than borrowing other assets DYOR. It’s also important to note that users who love Folks Finance for liquid governance may also find a love for using GARD to leverage their gALGO.

Folks Finance: Folks Finance is an algorithmic capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. Through the borrowing operation, the users can request crypto loans by locking deposited funds as collateral. Users who took advantage of AlgoFi’s liquid governance solution or lending protocol can come to Folks Finance and take advantage of similar opportunities here.

Pact.fi: Pact is a decentralized exchange (DEX) where users can come and swap their assets, farm, and more. Users who once took advantage of AlgoFi’s DEX can come here for similar opportunities.

Humble Swap: Humble is also a decentralized exchange (DEX) where users can come and swap their assets, farm, and more. AlgoFi users who are looking for an alternative to AlgoFi’s DEX can come here for similar opportunities.

Tinyman: Tinyman is a DEX where users can swap their assets, farm, and more as well. Tinyman was one of the original players in the Algorand DeFi ecosystem and remains a robust option for users who once took advantage of AlgoFi’s DEX and are looking for similar opportunities.

Wrapping Up

The one constant in ecosystems like Algorand is change. While we all reflect on what once was, we also look ahead with ambition and excitement on the future of Algorand DeFi and everything it has to offer. Given the robust interconnectedness of the ecosystem and many of the projects, we believe there is still a bright future ahead.

The GARD Protocol has continued to develop and strengthen its partnerships with various key ecosystem projects. One particular partnership to highlight is Folks Finance and our joint efforts to incentivize GARD liquidity. Users can take advantage of our unique CDP solution and mint our cheap stable against their gALGO positions, users can borrow and lend GARD on Folks Finance, and more. We continue to remain interested in expanding partnerships across the Algorand DeFi ecosystem and are committed to cultivating this community.

Finally, with the discontinuing of STBL/STBL2, it is important to note that GARD is currently the leading native stablecoin provider to Algorand. Hopefully, the community can rally around GARD and help support it going forward.

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.