Top 8 Algorand DeFi Apps!

-What is DeFi and Why Important in the Crypto Economy?

DeFi is a broad term that refers both to a new, digital-native financial system and to the range of digital applications and protocols that support it. As its name suggests, DeFi does not entail a centralized system akin to the traditional financial infrastructure of retail banks, multi-national financial institutions, and credit card companies.

Decentralized Finance aims to disrupt the balance of power taking it away from the centralized governing bodies and middlemen and passing it to everyday people through peer-to-peer exchanges. DeFi takes key elements of work done by financial institutions such as lending, borrowing, and trading funds, and puts them in the hands of the consumers.

Although the exact current market size of DeFi is hard to estimate by its very (decentralized) nature, the adoption figures for DeFi protocols give us a clue as to the market’s magnitude.
Crypto Rank analysis estimates the total locked value in DeFi protocols to be around $116 billion as of June 2022.

Yet the amount people have invested in DeFi is only one part of the story — there is also how much they are being paid by it, which is especially relevant for creators such as the people behind the uber-popular NFTs. These creators are an integral part of another concept closely related to DeFi, known as Web3.

A decentralized idea for the internet based on blockchain technology, Web3 is significant in that it aims to dismantle the stronghold “Big Tech” companies have over the data shared online.
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#1 Algofi

• Algofi is a fast, low-cost crypto lending market on the Algorand blockchain that makes decentralized lending broadly accessible. Algofi aims to be the first crypto-native bank that bridges the gap between traditional and decentralized finance.
• By leveraging the Algorand protocol and its Pure Proof-of-Stake (PPoS) consensus mechanism, Algofi is able to facilitate sub-cent transactions that settle in seconds — a key component of Algofi’s user-friendly, mass-accessible platform. This foundation will also enable Algofi to continue scaling its platform in terms of number of transactions as well as the introduction of new financial services in the future. In addition, Algofi chose to build on Algorand due to its very strong native community and the ready availability of robust developer tools, which enable the fast and simple creation of the smart contracts that power Algofi.

Website: https://www.algofi.org/
Whitepaper: https://bit.ly/3CL2nAK
Twitter: https://twitter.com/algofiorg
Telegram: https://t.me/algofi
TVL: https://defillama.com/protocol/algofi
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#2 Humble DeFi

• Humble Swap is an AMM style exchange that allows you to swap, pool and earn on your assets.
• One of the biggest reasons for the success of HumbleSwap, the first product of HumbleDefi, is that it uses the Reach programming language, which is the safest software for the blockchain ecosystem.The assessment tested the code developed on the Reach platform, focusing on the overall security and risks within the code environment. The Kudelski Security findings during the audit triggered no changes, risks, overall security warnings, not even to a low-risk level, pointing out that Humble Swap contains no backdoor or vulnerability available to exploit.
• Humbleswap serves an important function in the algorand DeFi ecosystem. Decentralized exchanges are the main gateway to how our users transact and obtain ASAs on Algorand.

Website: https://www.humble.sh/
Humble Swap Audit: https://bit.ly/3cr66sF
Twitter: https://twitter.com/HumbleDefi
Telegram: https://t.me/humblesh
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#3 Folks Finance

• Folks Finance is a 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, users can request crypto loans by locking deposited funds as collateral. The name Folks Finance is inspired by the mission to open decentralized financial services to the masses, welcoming all sizes of wallets, opening the protocol to global accessibility. The protocol’s friendly and straightforward user interface allows non-crypto experts to benefit from the DeFi high yield, shaping a new era of financial services.
• Folks Finance is the product of extensive research and engineering that we’ve conducted, along with the support received from our specialized partners, aiming to build a secure and precise new financial system, centered around empowering users with the highest flexibility in DeFi for their loan & borrow positions.

Website: https://folks.finance/
Documents: https://docs.folks.finance/
Twitter: https://twitter.com/folksfinance
Telegram: https://t.me/FolksfinanceOfficial
TVL: https://defillama.com/protocol/folks-finance

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#4 Yieldly.Finance

• Yieldly is one of the first to build its defi products on the Algorand protocol. Users enjoyed Yieldly’s Lossless Rewards Games, YLDY’s Cross-Chain Exchange as well as leveraged signature staking, distribution and LP pools Yieldly fulfills its mission to create the next generation DeFi ecosystem.
• DeFi on the protocol that solves the blockchain trilemma. Yieldly leverages the technical superiority of Algorand, an ecosystem that achieves sustainability, security, scalability and decentralization. Yieldly has been independently audited by tier 1 cybersecurity giant, Halborn, and is backed by some of the industry’s top VCs.

Website: https://yieldly.finance/
FAQ: https://yieldly.finance/faq
Twitter: https://twitter.com/yieldlyfinance
Telegram: https://t.me/yieldly
TVL: https://defillama.com/protocol/yieldly

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#5 Tinyman

• Tinyman is a decentralized trading protocol which utilizes the fast and secure framework of the Algorand blockchain, creating an open and safe marketplace for traders, liquidity providers, and developers.
• The exchange is fully decentralized and non custodian. Funds are held in permissionless smart contract accounts. This means the only methods to withdraw funds from the pool accounts are those encoded in the smart contract. At a high level this code only allows withdrawals in exchange for an appropriate amount of another asset or by the liquidity owners in exchange for their Pool Tokens.
• Furthermore the contracts are fully permissionless. This means that any account can create a pool by issuing the correct set of transactions. It means that no account has authority over the pool’s assets or functionality. This also means there is no mechanism to revert or adjust transactions even if they are made in error.

The contracts are also fully immutable. This means no account has the authority to update or delete the contracts that control the pools. This means that funds cannot be stolen by an update to the contracts.

Website: https://tinyman.org/
Documents: https://docs.tinyman.org/
Twitter: https://twitter.com/tinymanorg
Telegram: https://t.me/tinymanofficial
TVL: https://defillama.com/protocol/tinyman

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#6 Lofty AI

• Lofty AI enables people to invest in fractions of investment properties via the Algorand blockchain for as little as $50 and completed in less than 5 minutes. Every property has been vetted by the Lofty AI proprietary A.I. algorithm and their boots-on-the-ground acquisition teams.‍
• Lofty AI tokens are 100% liquid and can be sold anytime for no fees or penalties. Investors receive daily rental income starting on the first day they invest and tokens appreciate in value on a monthly basis as the properties appreciate.‍
• Lofty AI’s goal is to make real estate investing just as easy as buying crypto or stocks. They first began this journey in 2019 when they went through the prestigious Silicon Valley accelerator, Y Combinator. Since then they’ve raised $5M in funding and have assembled a team of experts in real estate, blockchain technology, and data. Lofty AI hopes to help solve the current housing crisis by giving renters the ability to purchase tokens in the properties they’re renting — making them part-owners. This grant from the Algorand Foundation will help Lofty accomplish this feat along with providing the funds to build out their internal secondary marketplace.

Website: https://www.lofty.ai/
Documents: https://learn.lofty.ai/en/
Twitter: https://twitter.com/lofty_ai
Telegram: https://t.me/LoftyPublic
TVL: https://defillama.com/protocol/lofty

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#7 Glitter Finance

• Glitter Finance is a cross-chain bridge between Solana and Algorand Ecosystems with advanced bridge functions architecture and integrated return. The systematics and dynamism of this bridge are provided by AI, Algorithms, Machine Learning and Deep Learning.
• Enhance interoperability on the DeFi blockchain space by connecting different ecosystems with its advanced, decentralized cross-chain bridge — Glitter Finance. This is why the project is committed to helping Algorand improve its interoperability by connecting with other layer-1 ecosystems like Solana, which has already succeeded in building a strong Defi ecosystem. exceptionally strong.
• The advanced, decentralized cross-chain bridge Glitter Finance connects different ecosystems, improving interoperability in the DeFi blockchain space. Therefore, the project is committed to helping Algorand improve its interoperability by connecting with other layer-1 ecosystems such as Solana, which has managed to build a strong Defi ecosystem. So we can see that it has explosive potential.
• I can state that Glitter Finance, which has a 3-stage security protocol, is regularly audited. I definitely recommend you to take a look at the Audit section on their website.

Website: https://www.glitterfinance.org/
Whitepaper: https://bit.ly/3AAijEx
Twitter: https://twitter.com/GlitterFinance
Telegram: https://t.me/GlitterFinanceGlobal
TVL: https://defillama.com/protocol/glitter-finance
*For more information: https://medium.com/@moneyschool/all-about-glitter-finance-dac10695f926

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#8 Pact

• Pact is an Automated Market Maker (AMM) project, where initially, Pact will launch with a constant product, symmetric 50/50 pool design, which should be extremely familiar and intuitive to pick up. This will be supported by a great UX, with our core goal being to make Pact Algorand’s most user-friendly DEX. It is key for Pact to ensure its product is both powerful enough for the seasoned trader but simple enough for the uninitiated.
• With Algorand’s cheap transactions, total charges on trades will be not much more than the flat 0.3% liquidity-provider fee — a significant improvement on the current status quo for traders who can be charged thousands in gas fees on other platforms, in addition to the DEX LP fees. For future iterations, Pact will have the benefit of taking the best learnings from the existing AMMs on other ecosystems and supercharging them with Algorand’s technology, in addition to pushing the boundaries of innovation and what is possible on-chain.

Website: https://www.pact.fi/
Documents: https://docs.pact.fi/
Twitter: https://twitter.com/pact_fi
Telegram: https://t.me/pactfi
TVL: https://defillama.com/protocol/pact

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Extra #Defly

• Defly is a DeFi wallet for Algorand that integrates the trading functionality of many of the apps listed above into one easy-to-use interface. Instead of trading directly on the AlgoFi, Humble, Tinyman, or Pact websites, users can trade using the Defly wallet and have its “combo swaps” feature automatically route trades through whatever combination of exchanges gives the best overall price. This is in addition to numerous convenience features that make Defly the fastest, easiest way to trade on Algorand.
• Support for cross-chain bridges is also in Defly’s roadmap so we can expect closer integration with Glitter and other bridge projects in future too.

Website: https://defly.app
Twitter: https://twitter.com/deflyapp
Discord: https://discord.gg/fAreatTzSj
Telegram: https://t.me/deflyapp

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I hope you liked the article. I didn’t want to give very detailed information about platforms/projects. I ranked the protocols according to TVL and user reviews. I also considered their innovation and creativity. For example, I have a detailed article about Glitter Finance, which is the only bridge platform on the list. You can click on my page. If you have any questions or comments, be sure to let me know! See you guys ❤