Proposal for Folks Finance ($xALGO) Syrup Pool and Farms

PancakeSwap Welcomes Folks Finance ($xALGO) to Syrup Pool!

Dear CAKE holders, we’re proud to announce a Syrup Pool with Folks Finance!

Folks Finance is a DeFi protocol on Algorand with innovative tools for lending, trading, and managing crypto. Their latest product, xALGO, is a liquid staking token of ALGO that exists on BNB Chain. Users can stake ALGO with Folks Finance on Algorand, and mint xALGO on BNB Chain. This allows BNB Chain users to earn yield on ALGO outside of Algorand.

xALGO will also be tradable on BNB Chain PancakeSwap!

The Syrup Pool:

Stake CAKE tokens to earn xALGO tokens!

• Total Tokens: 200,000 xALGO
• Distribution duration: 90 days
• Start time: Approx. 0830 UTC on 3 Jul 2023
• Finish time: Approx. 0830 UTC on 1 Oct 2023
• Token rewards per block: 0.07716 xALGO

Max Stake per Wallet:

100 CAKE for the first 48 hours of the Syrup Pool.

The cap is to give everyone an equal opportunity to farm rewards at a high APY at the start of the farm.

The Farm:

In conjunction with the xALGO Syrup Pool, we’ll be providing an xALGO-BNB (0.25%) v3 farm.

The farm will have 9x CAKE rewards for 90 days. During the farm, or at the end of the 90-day period – approx. 0830 UTC on 1 Oct 2023 – the farm will be re-adjusted to a lower or zero multiplier unless the following metrics is comparable with other farms of a similar multiplier: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

We request for further flexibility in the multiplier and duration of the xALGO farm. The aggregate CAKE emission to all xALGO farm(s) will remain the same, but we may adjust the multiplier(s) and duration of the farm(s) to ensure high utilization rates, ultimately maximizing CAKE burn from trading volume.

What is $xALGO?

From the team: “The xALGO token is an interest-bearing asset that earns the Algorand governance yield, with a historic average APR of around 15%.

It has the following use-cases:

• Passive yield: Users earn passive yield by holding xALGO which grows in value over time
• Trading: Since xALGO’s price is linked to the price of ALGO, it can be used as a substitute for those that want to trade ALGO on BNB Chain
• Farming: Users can provide xALGO liquidity on PancakeSwap and earn additional yield.”

How do I mint and/or burn $xALGO?

To mint xALGO on BNB Chain, you would need to stake ALGO on Algorand via Folks Finance. Conversely, if you burn xALGO on BNB Chain via Folks Finance, you would receive ALGO on Algorand. This can be done on their UI here.

xALGO can only be minted/burned during the Algorand Governance commitment period, which occurs at the beginning of each quarter. In this quarter, the commitment period is from 30 June, 1600 UTC to 13 Jul, 1000 UTC. Once the commitment period is over, you will not be able to mint or burn xALGO on Folks Finance, until the start of the next Algorand Governance commitment period, which will be about 3 months from now. Outside the commitment period, users can still trade xALGO on PancakeSwap.

For more details on xALGO and how to mint/burn, click here.

For more technical details on xALGO, click here.

To learn more, visit the project’s official channels:

• Website: https://folks.finance/
• Twitter: https://twitter.com/folksfinance/
• Docs: https://docs.folks.finance/
• Discord: https://discord.com/invite/folksfinance
• Telegram: https://t.me/FolksfinanceOfficial/
• Github: https://github.com/Folks-Finance/
• Linkedin: https://www.linkedin.com/company/folksfinance/
• Medium: https://folksfinance.medium.com/
• YouTube: https://www.youtube.com/c/FolksFinance/
• Instagram: https://www.instagram.com/folksfinance/
• Reddit: https://www.reddit.com/r/FolksFinance/
• Facebook: https://www.facebook.com/folksfinanceofficial/
• Folks Academy: https://academy.folks.finance/

How do you stake CAKE to earn $xALGO rewards?

Follow this guide to staking in Syrup Pools:

https://docs.pancakeswap.finance/products/syrup-pool

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️💀

The official xALGO token contract address on BNB Chain is:

https://bscscan.com/token/0x0034719300501B06E10Ebb1D07ea5967301F0941

Any other xALGO token will be a scam. Always verify the token address before buying tokens. If you receive an xALGO token airdrop from another address, it’s probably a scam, and we advise you to ignore it.