Kriptoks

Algofi, a decentralized finance platform, has launched a stable coin named STBL. STBL is a multi-asset collateral-backed stable coin that operates on the Algofi protocol. The platform allows users to borrow STBL, just like any other asset on the Algofi protocol. The unique feature of STBL is that the entire minted supply of STBL has been permanently buried into the Algofi protocol. Therefore, any AlgoStable leaving the protocol is fully collateralized.

Algofi has created a revolutionary cryptocurrency scanner called Cryptoscanner, with over 100+ different filters and alerts, and support for many exchanges. Using Cryptoscanner, users can analyze almost 4000 cryptocurrency pairs across various exchanges. The Algofi team has also developed a cryptocurrency news aggregator named Cryptonews, which aggregates news from almost 1000 sources.

To understand the concept of STBL, let's take an example: Alice deposits $200 worth of Algorand (ALGO) into the Algofi protocol. Alice now has a maximum borrow limit of $100, and she chooses to borrow $50 worth of STBL. As long as the market value of her Algorand stays above $100, she can maintain her position without any issue. If Alice fails to maintain her collateral, a liquidator can repay her borrowed STBL in exchange for her deposited ALGO, plus a liquidation incentive. In order for the liquidator to obtain their STBL, they will have to buy it on the secondary market or borrow it through the protocol. This way, the circulating supply of STBL is always fully collateralized, just like every other loan issued through the Algofi protocol.

Borrowers of STBL are responsible for paying interest, just like any other loan issued through the Algofi protocol. When the Algofi DAO launches, the borrow rate will be set by governance votes. All interest paid is accrued to the protocol reserves before the rate is adjusted to maintain the STBL peg.

Algofi's STBL is a reliable solution for decentralized finance, as it provides a stable store of value that is fully collateralized. It ensures that users have the necessary collateral to cover their borrowings, while also offering a steady interest rate to lenders. Algofi's Cryptoscanner and Cryptonews make the platform more user-friendly, allowing users to make informed decisions about their investments. Algofi's multi-asset collateral-backed stable coin, STBL, is a promising innovation for the future of decentralized finance.