V2, what's new?
The UI of Folks Finance has been completely reimagined for V2. All relevant information will be displayed between the markets page and dashboard – extra pages for each action, as seen in V1, will not be needed.
V1 required interaction with fAssets after depositing into the markets. V2 eliminates the need for interacting with fAssets on the front-end, creating a more elegant process for establishing loan positions.
Users will be able to make swaps directly on Folks Finance V2’s frontend, thanks to V2’s integrated DEX aggregator. Built in collaboration with Alammex and Defly, the aggregator can swap assets and automatically deposit them into the markets, add them to a position’s collateral, or repay a borrow, all composed into a single group transaction.
Folks Finance users will now be able to take loans with higher loan-to-value ratios thanks to high-efficiency loans. Taking a loan using a value-equivalent collateral type, like gALGO/ALGO or USDC/USDT will enable up to 90% LTV.
The ability to seamlessly swap collateral will enable powerful strategies for traders on Folks Finance V2. Swap your collateral to USDC and ensure stability, or swap into any of our other supported assets to ride the trend. How you manage your positions is up to you.
V2 supports up to 189 assets. Folks Finance is excited to bring new financial tools to our users. These could include more tokens, liquidity pools, or other investment vehicles.
Users will be able to call upon the Folks Finance V2 SDK to take flash loans, which enables the use of borrowed capital so long as it is repaid within the same group transaction. Flash loans are a powerful tool in to DeFi, and we’re keen to see how those savvy enough to harness them will apply their potential.
No longer will users be subject to fluctuations of interest rates while holding loans. The option to lock in a stable rate will be present for users looking for consistency while they maintain their loan position.
Another V2 upgrade which streamlines the user experience is the ability to repay your borrow using your collateral. You’ll be able to scale out of positions in a simpler manner using this new feature.
V2 enables loans to be taken using multiple assets as collateral together. In addition, the ability to borrow multiple assets in a single loan position will bring greater flexibility to the protocol overall.