- BlockSwap Network partners with Algorand.
- This collaboration helps both teams bring forward the AlgoSaver solution.
BlockSwap Network partners with Algorand. This collaboration helps both teams bring forward the AlgoSaver solution. However, the significant milestone to be considered by both teams is the sustainable saving market for mainstream clients providing 7% on USD deposits.
Notably, the partnership is possible via the Algorand EU Accelerator. Out of 200 projects inflowing this accelerator, only 11 were able to complete the process. Specifically, BlockSwap Network is one of those 11 companies that allows the team to develop new solutions to enhance mainstream crypto adoption.
By July 2021, the BlockSwap Network will initiate the AlgoSaver testnet. More so, AlgoSaver provides a sustainable saving ecosystem for mainstream clients with 7% APY on USD. However, this rate is much higher than users earn through traditional bank accounts or major mainstream investments. In addition, ALGO liquidity providers can get 200% on their tokens staked by offering liquidity to the Open Saver smart contract suite.
Algorand Foundation Global Program Manager Addie Wagenknecht said,
“I am thrilled to see Algorand acquire a key infrastructure play as a result of the EU Accelerator — Algosaver will bring a fixed yield market and enable universal savings to our entire ecosystem”
In addition, Eterna Capital Partner Mattia Mrvosevic commented that with BlockSwap users can finally unlock liquidity occupied in staking, and also through tapping into Algo Saver, users invest in a fixed yield product in Algorand. Added to this, Mattia explained that still 2 billion people still lack access to financial services. Moreso, BlockSwap’s vision of nurturing universal basic savings is key to making society more inclusive.
The Open Saver smart contract suite will work as a Universal Basic Saving solution allowing anyone to earn a 7% USD yield from their native currency in a frictionless manner. However, open Saver makes it easy for capital market players to deploy their capital with its liquid staked asset and tradeable tranches of yield bonds classifications.
Even more, the ending of the Algorand EU accelerator will help BlockSwap Network to raise more than $6 million in funds. More so, the team ended many investment rounds, a Balancer LBP event for fair price discovery, and a liquidity provider incentive on Uniswap, the largest decentralized exchange in the world.
Recently, the team has launched its CommunityNet initiative in order to allow users to test the products under the BlockSwap Network umbrella. Two hundred fifty million BSN CommunityNet tokens will be shared during this event, which is redeemable 1:1 on the mainnet.
Furthermore, the success of BlockSwap Network is not attainable without a strong community. The project contains more than 20,000 followers on Telegram and Twitter. BlockSwap Network can keep pushing the boundaries of Decentralized Finance (DeFi), with the help of its growing community. Moreover, their impending product will make DeFi more appealing to mainstream clients looking to put their money to work.
All-in-all, BlockSwap Network, like a stable yield source, makes proof-of-staking benefits accessible to everyone, increasing existing staking operators and PoS token holders by insulating everyday clients from dealing with difficulties of crypto asset volatility and its staking process.