Folks Finance launches xChain testnet on Base, Avalanche, and Ethereum

Folks Finance, the largest DeFi app on Algorand, has launched the testnet for its next-generation xChain lending app.
Folks Finance, the largest DeFi app on Algorand, has launched the testnet for its next-generation xChain lending app.

Folks Finance, the largest DeFi app on Algorand, has launched the testnet for its next-generation xChain lending app. The testnet will be deployed on four major blockchain networks: Base, Avalanche, Arbitrum, and Ethereum. 

The primary goal of the Folks testnet is to thoroughly assess and validate Folks’ crosschain framework, which aims to provide an intuitive, efficient, and flexible lending experience across multiple networks. Built using Chainlink CCIP, Wormhole, and Circle CCTP, Folks seeks to address the needs of a large cohort of DeFi users eager for crosschain innovation. 

Try Folks’ testnet today, and get recognition within the Folks community with the Subway Riders Folks Campaign on Galxe. Check out the testnet guide for more information.

Regarding the mainnet release, Folks Finance has targeted the beginning of Autumn 2024. The testnet will allow the team to refine the protocol's features and address any hiccups before the full-scale launch. Nonetheless, the team intends to move with purpose toward releasing a mainnet product in good time.

Folks’ team has been preparing for the crosschain expansion for over a year to ensure a smooth launch. The preparation includes security audits by Ottersec as well as a public community bug bounty on Immunefi worth $100,000.

The selection of Base, Avalanche, and Ethereum as the genesis networks was a key decision, and below are the reasons why those networks were chosen for day-1.

  • Base, an Ethereum layer-2 built on the Optimism stack, offers high scalability and low transaction fees, making it an attractive option. Additionally, the ecosystem of Base is still in its early days, and Folks could provide invaluable lending infrastructure to accelerate the growth of the network and its DeFi scene.
  • Avalanche, a high-performance blockchain, acts as the engine of Folks’ crosschain system. Its well-rounded strengths were a perfect match for the consistency Folks needs to power a comprehensive DeFi suite. With fast transaction finality, low fees, strong decentralization, and compatibility with the Ethereum Virtual Machine (EVM), Avalanche fit the bill for a day-1 network.
  • Finally, Ethereum, the foundational blockchain for DeFi, serves as a crucial component, ensuring an onramp for the largest DeFi ecosystem. Dominating industry-wide TVL, Ethereum was a requirement for day-1 integration.

By launching the xChain expansion on these four networks, Folks is moving the industry toward solving the fragmentation problem in DeFi. The team’s aims to be the solution, bringing community and capital together by acting as a connective structure between isolated networks.

Check out Folks Finance website.

Explore the testnet guide and participate in the Subway Riders testnet campaign.

Go directly to the testnet.

Click here to find Folks on your favorite Social Channel, and be there for the mainnet release on Day 1.

Click here to enter Folks Academy, a free collection of video content for beginning to advanced-level crypto users.

About Folks Finance: Folks Finance is a pioneering DeFi platform that offers a comprehensive suite of decentralized financial services, including cross-chain lending, borrowing, and trading. With a focus on security, efficiency, and user empowerment, Folks Finance is dedicated to reshaping the financial landscape by leveraging blockchain technology.