Algofi

About Algofi

What is Algofi (BANK)?

Founded in 2021, Algofi is a suite of decentralized financial protocols built on the Algorand blockchain. The protocol's core aim is to create the infrastructure of the new financial system – one that is inclusive, transparent, and permissionless.

What makes Algofi unique?

Financial infrastructure requires high scalability. For example, the VISA network serves roughly 2k transactions per second (up to 65k TPS). The scalability of Algofi’s lending, swapping, and stablecoin protocols is made possible by Algorand's novel consensus algorithm Pure Proof of Stake (PPOS). PPOS is an extension of POS that uses a randomized leader selection process that enhances its protection against DDOS or other malicious behavior. PPOS enables Algorand to achieve high throughput without sacrificing its security or decentralization. The Algorand network seeks to achieve 10k TPS by 2023 and ultimately 50k TPS.

The Algofi core team selected