*THIS IS NOT FINANCIAL ADVICE! DO YOUR OWN RESEARCH!!!*
Algofi is different from other crypto lending platforms. "Why is it different?" You might ask. Well that is because Algofi is on Algorand. Like other lending platforms, Algofi has a swap feature, supply and lend feature. and it's own algorithmic stablecoin. Their stablecoin is called STBL and it is an overcollateralized algorithmic stablecoin. STBL is kept stable at $1 with LP tokens of the STBL-USDC pairing.
Algofi has farming pools to get Algorand tokens. There is a swap feature. Among other things. It is a bank on the Algorand blockchain.
Currently the algorithmic stablecoin has lost it's peg but it's holding steady at around $.97. The way the platform incentivizes stability is by increasing and decreasing the APY of the STBL-USDC pairing. If the price is pegged at $1 then pairing holders get 7.5% interest. If the coin is less than $.94 then the APY is 2.5%. It's a sliding scale with stability at it's core.
Due to Algorand's low fees and fast transaction speeds, it's the blockchain of choice for me. And as such, Algofi is the crypto bank for me. It's a one stop shop for anything banking that I'd need.
