In this article we gather all the details around the highly anticipated $FOLKS token, built by Folks Finance. On January 16, 2024 Folks Finance published a Medium article discussing their 2024 roadmap.
Welcome to 2024, a year which holds much promise for the blockchain world. The Folks team has been working over the last few months to make 2024 the best year yet; we can’t wait to show you. We’re almost done setting the stage for the cross-chain app coming in Q2, which is planned to be followed by cross-chain dApp deployment, the FOLKS token launch, and then the development of a Folks mobile app.
They lay out their 2024 roadmap in this single paragraph, with a cross-chain app followed by the token launch and finally launching their mobile app. Let’s gather details on the progress of each of these items.
Cross-Chain dApp
Folks Finance goes into greater details of the partners they will be leveraging to achieve this ambitious goal.
The cross-chain app will be powered by messaging technology — Wormhole, Chainlink CCIP, and Circle’s CCTP — which will bring out the strengths of each connected chain. The goal is to enable connection with any wallet from any major chain, and access to liquidity across networks. You’ll be able to deposit on one network and borrow into or out of another. It’ll set a new standard for interoperability in DeFi.
Let’s dive into what information and progress we can find with each of these partners.
Wormhole
You can read more about Wormhole and their solutions on their website and through their documentation.
Wormhole is the solution Folks Finance has implemented to bring their xAlgo, a cross-chain liquid governance token to BNB Smart Chain and Avalanche. Read their case study as they describe their partnership with Folks Finance.
Folks Finance also added the ability to deposit and borrow wrapped assets; wLINK, wETH, wBTC, wAVAX, wSOL, wMPL which are all facilitated by Wormhole.
This partnership is well underway.
Chainlink CCIP
On September 6th, Chainlink CCIP (Cross-Chain Interoperability Protocol), welcomed Folks Finance as the newest member. You can read about Chainlink CCIP on their website and through their documentation.
🏗️ #ChainlinkBUILD 🏗️@FolksFinance is joining Chainlink BUILD to gain enhanced access to Chainlink's industry-leading oracle services and technical support, which helps support the security and use of lending, borrowing, and trading.
We also have a tweet on March 7, 2024 that states “The Folks Finance testnet is expected to launch soon in the upcoming weeks, with mainnet slated for Q2 2024.”
This roadmap progress is very promising and can lead us to believe the token launch is still on track for 2024. I’m assuming Folks Finance still plans to launch their cross-chain app with Chainlink’s CCIP in Q2 of 2024 before their token launch.
FOLKS Token
There hasn’t been a lot of information about when the token will launch, but we know a few things.
The total FOLKS supply is capped at 50,000,000 tokens, and more than 50% of them will be distributed to the community. The FOLKS tokenomics is still being designed. Source.
Folks Finance has also reserved 3% for the Chainlink CCIP partnership. “In exchange for these services, Folks Finance will make 3% of its native token supply available to Chainlink service providers, including stakers, over time.” Source.
We also know some of the intended use cases; $FOLKS token serves as collateral, a reward for participation, a governance tool, and can be staked across Folks Finance and DeFi platforms, ensuring protocol benefits. Source.
There will be an airdrop. “The economics team is very focused in researching and designing the best Tokenomics and token utilities for FOLKS, concentrating also on potential Airdrop, IDO and listings.” Source. This is not definitive evidence of an airdrop, but there have been Zealy tasks specifically related to tweeting about the airdrop of the $Folks token. These promotional tasks are created by the Folks Finance team. We don’t know what will qualify or the weight that will be given to platform utilization, but using the platform is your best bet to qualify for this airdrop.
I plan to continue to update this post with additional information as I become aware. Feel free to leave a comment of other news I may have missed. This is a very exciting time for Algorand’s ecosystem!
