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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 and Avalanche.

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 LI.FI DEX aggregator to simplify xALGO trading directly on the dApp.

How to

Mint

  1. Open https://xapp.folks.finance/xalgo

  2. Select Mint and Burn

  3. To start the minting process, click the “Connect wallet” button to Connect your Algorand Wallet. (if you do not have an Algorand wallet, here is a guide to help you)

  4. Type in the amount of ALGO you want to commit to mint xALGO

  5. Connect your EVM wallet

  6. At the top, select the EVM chain you want to interact with

  7. Click on MINT

  8. Sign the transaction

  9. Click on REDEEM to receive the minted xALGO in your EVM wallet.

  10. Confirm and sign

Burn

  1. Open https://xapp.folks.finance/xalgo

  2. To start the burning process, click the “Connect wallet” button to connect your EVM wallet

  3. At the top, select the EVM chain you want to interact with

  4. Type in the amount of xALGO you want to burn to redeem the underlying ALGO

  5. Connect your Algorand Wallet

  6. Click on APPROVE and sign in with your wallet

  7. Click on BURN

  8. Sign the transaction

  9. Click on REDEEM to receive the ALGOs in your Algorand wallet.

  10. Sign the transaction

Liquidity provision

By partnering with TraderJoe and BenQi, xALGO holders can provide liquidity in the xALGO-Avax and xALGO-sAvax pools. What is the difference between Avax and sAvax?

To take full advantage of the potential of TraderJoe, the above pools are available in both V1 and V2 versions.

Provide liquidity into xALGO/Avax - V1

Provide liquidity into xALGO/sAvax - V1

Provide liquidity into xALGO/Avax - V2

Provide liquidity into xALGO/sAvax - V2

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. Copy your Algorand wallet address.

  2. Visit https://allo.info/ and paste your wallet address in the search bar.

  3. Look for your transactions and click on the most recent one labeled "Portal" and "Wormhole" in the receiver column.

  4. Click on the transaction ID and copy it.

  5. Go to portalbridge.com, the Wormhole website, and navigate to the Redeem tab.

  6. Select Algorand as the source chain from the menu.

  7. Paste the transaction ID in the Source Tx box and click "Recover."

  8. On the next screen, connect your EVM wallet by clicking "Connect."

  9. Click "Redeem" and sign the transaction with your wallet.

  10. Once the transaction is finalized, your xALGO tokens should be in your EVM 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. Go to a Binance Smart Chain or Avalanche explorer, such as bscscan.com or https://avascan.info/

  2. Copy your EVM wallet address and paste it in the search bar.

  3. Click on the transaction labeled "to Wormhole: Token Bridge."

  4. Copy the transaction ID.

  5. Visit portalbridge.com and click on the Redeem tab.

  6. Select Binance Smart Chain or Avalanche as the source chain.

  7. Paste the transaction ID in the Source Tx box and click "Recover."

  8. On the next page, click "Connect" and connect your Algorand wallet.

  9. Once connected, click "Redeem."

  10. Your xALGO tokens should now be recovered and in your Algorand wallet.

  11. To bridge them back to EVM Chain and restart the Burning process, go to portalbridge.com.

  12. Select the Tokens tab.

  13. Set your source chain as Algorand and your target chain as Binance Smart Chain or Avalanche.

  14. Click the "Connect" button to connect your Algorand wallet.

  15. Click "Select a Token" and choose xALGO.

  16. Input the amount of xALGO you want to bridge and click "Next."

  17. Connect your EVM wallet and click "Next" again.

  18. Finally, click "Transfer" and confirm the transaction by signing with your Algorand wallet.

  19. Within a few seconds, the Redeem button should appear. Click "Redeem" and sign with your EVM wallet.

  20. Your xALGO should now be back in your EVM wallet, allowing you to proceed with the Burn process as normal.

How to import xALGO to Metamask

  1. Open your Metamask wallet

  2. At the top left, select Avalanche as chain

  4. Enter 0xc3fb03E75cf916973D430D63635f3f6154d01dc9 as token address

  5. Enter xALGO as a name

  6. Type in 6 as a number of decimals

  7. Click on Add Custom Token

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