I am trying to get the feedback on making the Vote Coin the borrowable asset at Folks Finance.
Vote Coin is the project that provides standard for onchain voting. The set of json schema rules on how to ask question, how to cast vote, how to cast encrypted vote, how to delegate the voting power and more…
There are open source applications up and running. For example at the moment there is onchain question going on to add goUSD/Vote pact pool to the list of incentivized LPs - Vote Coin App (vote-coin.com)
The vote coin token is more than 1.5 year old. The Project has won the encode algorand hackathon in summer 21, it was part of encode accelerator, it has won the DAO hack.
We have in place the farming tool to incentivize holding of the vote coin token. According to current rules if person holds vote coin on his account, he gets 10% APY of vote coins to his account each hour. If person holds 1% LP fee pool tokens of selected assets (USDc, Algo, GoBTC) he gets 20% APY from his vote coin balance at the pool, if person holds 0,3% LP fee pool tokens (tinyman) he gets 30% APY returns, and if he holds 0,02% APY he gets 50% APY each hour. With incentivizing low LP fees we are trying to showcase Algorand DeFi to be the best in the world.
Because of the arbitrage effect of Vote/USDc, Vote/Algo and Vote/GoBTC pools, the value of the vote coins is hedged between these pools and the real Vote coin price is less volatile than Algo/USDc price.
Vote Coin is currently ranked #6 token on Algorand by Vestige.
There has been more than 1000000 transactions on algorand mainnet with vote coins.
Our next milestone is to create GitHub tools to allow onchain communities manage their DAOs with onchain voting - xGov-24 VoteCoin - GitHub tools - xGov Proposals - Algorand
Making VoteCoin token borrowable asset @ folks will lead to better price accurancy as traders can borrow vote coin with the USDc collateral and can bet on the price going up, or they borrow vote coin and bet on the vote coin price going down by selling it. Or Folks users can just borrow it, put it in AMM and receive APY rewards.
If you want the Vote Coin token to be borrowable asset at Folks, please like this post or comment it.