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Cross-chain ALGO Liquid Governance

Before interacting with the Algo Liquid Governance - xALGO, visit the following page to understand how it works.
xALGO is an interest-bearing asset that brings Algorand governance yield to other chains, allowing for a continuous governance commitment without periodic burning. Thanks to its interest-bearing nature, xALGO is the perfect fit for bridging Algorand Governance to other chains. Currently, Folks Finance’s UI allows xALGO minting and trading on BNB Smart Chain.

Advantages

  • Users can get Algorand Governance rewards without needing to vote or periodically commit, as the voting power is delegated to Algo Liquid Governors, and the locked ALGOs are automatically recommitted by Folks Finance smart contracts.
  • xALGO value grows in value over time due to its interest-bearing structure. Check here to understand how it works.
  • Users can provide liquidity to DEXs’ liquidity pools and get trading fees. Folks Finance’s UI integrates the 1Inch DEX aggregator to simplify xALGO trading directly on the dApp.

How to

Mint

  1. 1.
    Open https://xapp.folks.finance/xalgo ​
  2. 2.
    Select Mint and Burn
  3. 3.
    To start the minting process, click the “Connect” button to Connect your Algorand Wallet. (if you do not have an Algorand wallet, here is a guide to help you)
  4. 4.
    Type in the amount of ALGO you want to commit to mint xALGO
  5. 5.
    Connect your EVM wallet and select BNB Smart Chain as the network.
  6. 6.
    Click on MINT
  7. 7.
    Sign the transaction with your EVM wallet
  8. 8.
    Click on REDEEM to receive the minted xALGO in your EVM wallet.
  9. 9.
    Confirm and sign with your EVM wallet

Burn

  1. 1.
    Open https://xapp.folks.finance/xalgo ​
  2. 2.
    To start the burning process, click the “Connect” button to connect your EVM wallet and select BNB Smart Chain as the network
  3. 3.
    Type in the amount of xALGO you want to burn to redeem the underlying ALGO
  4. 4.
    Connect your Algorand Wallet
  5. 5.
    Click on APPROVE and sign in with your wallet
  6. 6.
    Click on BURN
  7. 7.
    Sign the transaction with your EVM wallet
  8. 8.
    Click on REDEEM to receive the ALGOs in your Algorand wallet.
  9. 9.
    Sign the transaction with your Algorand wallet.

Stake & Farm

The UI undergoes regular upgrades; what you see in the video may look slightly different than what you see on the app.

Provide liquidity into xALGO/BNB PancakeSwap’s pool

​
  1. 1.
    Open https://xapp.folks.finance/xalgo ​
  2. 2.
    At the bottom, click on Provide Liquidity on PancakeSwap​
  3. 3.
    Insert the amount of xALGO and BNB you want to provide. To better learn how PancakeSwap liquidity provision works, please refer to their official documentation. https://docs.pancakeswap.finance/products/pancakeswap-exchange/liquidity-guide​
  4. 4.
    Click on ADD
  5. 5.
    Sign the transaction with your wallet

Stake xALGO/BNB LP tokens

  1. 1.
    Go to https://pancakeswap.finance/farms​
  2. 2.
    Select the pool xALGO/BNB. To better learn how Pancake Swap Farm works, please refer to their official documentation. https://docs.pancakeswap.finance/products/yield-farming/how-to-use-farms​
  3. 3.
    Click on Stake
  4. 4.
    Sign the transaction with your wallet

Syrup Pool

  1. 1.
    Go to https://pancakeswap.finance/pools​
  2. 2.
    Select Earn xALGO. To better learn how PancakeSwap Syrup works, please refer to their official documentation. https://docs.pancakeswap.finance/products/syrup-pool/new-cake-pool​
  3. 3.
    Click on Enable the Pool
  4. 4.
    Sign the transaction with your wallet
  5. 5.
    Select between Flexible and Locked (what’s the difference?)
  6. 6.
    Type in the amount of CAKE you want to stake
  7. 7.
    Confirm, ADD, and sign with your wallet

Recovery of accidentally stuck xALGO tokens

Accidental stuck during Minting
To recover stuck xALGO tokens after refreshing during the "Redeem" step while minting xALGO, follow these steps:
  1. 1.
    Copy your Algorand wallet address.
  2. 2.
    Visit algoscan.app and paste your wallet address in the search bar.
  3. 3.
    Look for your transactions and click on the most recent one labeled "Portal" and "Wormhole" in the receiver column.
  4. 4.
    Click on the transaction ID and copy it.
  5. 5.
    Go to portalbridge.com, the Wormhole website, and navigate to the Redeem tab.
  6. 6.
    Select Algorand as the source chain from the menu.
  7. 7.
    Paste the transaction ID in the Source Tx box and click "Recover."
  8. 8.
    On the next screen, connect your BSC wallet by clicking "Connect."
  9. 9.
    Click "Redeem" and sign the transaction with your wallet.
  10. 10.
    Once the transaction is finalized, your xALGO tokens should be in your BSC wallet, completing the redemption process.
Accidental Stuck during Burning
To recover stuck xALGO tokens after being disconnected during the Burning process, follow these steps:
  1. 1.
    Go to a Binance Smart Chain explorer, such as bscscan.com.
  2. 2.
    Copy your BSC wallet address and paste it in the search bar.
  3. 3.
    Click on the transaction labeled "to Wormhole: Token Bridge."
  4. 4.
    Copy the transaction ID.
  5. 5.
    Visit portalbridge.com and click on the Redeem tab.
  6. 6.
    Select Binance Smart Chain as the source chain.
  7. 7.
    Paste the transaction ID in the Source Tx box and click "Recover."
  8. 8.
    On the next page, click "Connect" and connect your Algorand wallet.
  9. 9.
    Once connected, click "Redeem."
  10. 10.
    Your xALGO tokens should now be recovered and in your Algorand wallet.
  11. 11.
    To bridge them back to BNB Chain and restart the Burning process, go to portalbridge.com.
  12. 12.
    Select the Tokens tab.
  13. 13.
    Set your source chain as Algorand and your target chain as Binance Smart Chain.
  14. 14.
    Click the "Connect" button to connect your Algorand wallet.
  15. 15.
    Click "Select a Token" and choose xALGO.
  16. 16.
    Input the amount of xALGO you want to bridge and click "Next."
  17. 17.
    Connect your BSC wallet and click "Next" again.
  18. 18.
    Finally, click "Transfer" and confirm the transaction by signing with your Algorand wallet.
  19. 19.
    Within a few seconds, the Redeem button should appear. Click "Redeem" and sign with your BSC wallet.
  20. 20.
    Your xALGO should now be back in your BSC wallet, allowing you to proceed with the Burn process as normal.

How to import xALGO to Metamask

  1. 1.
    Open your Metamask wallet
  2. 2.
    Click on Import Tokens
    ​
  3. 3.
    Enter 0x0034719300501B06E10Ebb1D07ea5967301F0941 as token address
  4. 4.
    Enter xALGO as a name
  5. 5.
    Type in 6 as a number of decimals
  6. 6.
    Click on Add Custom Token
Last modified 4mo ago