Folks Smart Contract Library [3368473647]

Governance Discussions xGov Proposals
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Hi all, this is the forum post to discuss proposal Folks Smart Contract Library | xGov .

Description

The Folks Smart Contract Library https://github.com/Folks-Finance/algorand-smart-contract-library is a curated, modular collection of audited, reusable smart contracts designed to accelerate development on the Algorand blockchain. The library allows you to focus on your business logic by abstracting away common patterns and security mechanisms.

Think OpenZeppelin but on Algorand.

Additional contracts may be added in the future but the initial release focused on the following:

  • AccessControl. Contract module that allows children to implement role-based access control mechanisms.

  • Initialialisable. Contract that allows children to be initialisable.

  • Upgradeable. Contract module that allows children to implement scheduled upgrade mechanisms.

  • RateLimiter. Contract module that allows children to implement rate limiting mechanisms.

There are also a number of utility libraries for:

  • UInt64SetLib. Subroutines to mimic the behaviour of a “set” data structure for uint64 values.

  • BytesUtils. Subroutines to convert between uint64 and Bytes32.

The proposal requests 200,000 ALGO in funding to partially cover the development and audit costs of the Folks Smart Contract Library. Particular focus was on the smart contract architecture with the repository being the first project in Algorand to use interfaces, abstract classes and inheritance.

About the team

The Folks Finance team is one of the earliest builders on Algorand, active since 2021. The team launched the first version of the Folks Finance lending protocol on mainnet in April 2022 and has since delivered multiple upgrades across lending, staking, and interoperability.

Key contributions include:

  • Folks Finance Lending Market, introducing multi-collateral and multi-borrow positions, efficiency loans, stable rates, loans management composability, Algorand Ecosystem market.

  • Folks Router, a DEX aggregator that allows users to trade tokens across multiple decentralised exchanges on Algorand, giving the best possible price for the trade. Folks Router is also integrated into loans management operations.

  • gALGO, Algorand’s leading liquid governance. gALGO leveraged governance, a one-click looping to increase the committed ALGO amount, using a combination of Flash Loan and Lending market

  • xALGO, Algorand’s primary liquid staking token. Ultrastake, a one-click looping to increase the staked ALGO amount, using a combination of Flash Loan and Lending market

  • Ultraswap, a leveraged trading primitive built on top of the Folks Finance lending protocol. It uses a combination of lending, Flash Loan and Folks Router.

  • Folks Feed Oracle, is an oracle developed on the Algorand blockchain that provides real-world data to Web3 applications.

  • Wormhole NTT, is an open framework that enables the seamless creation and transfer of multichain tokens between Algorand and other chains.

Additional info

Folks Finance held an audit competition on Immunefi for the smart contracts with a prize pool of $30,000. The smart contracts were internally audited as well.

The Algorand Wormhole NTT smart contracts are built on top of the Folks Smart Contract Library.

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@gid is there a roadmap for making the Folks lending smart contract public? I fully support this initiative, even though this grant request represents only a small part of the Folks contracts. Folks is a leading project in the Algorand ecosystem, and I’m pleased to see major players participating in the public grants program. Hopefully, this marks the end of direct, non-transparent grants from AF to selectively chosen projects.

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Thanks @SGen, the proposal is solely for the Folks Smart Contract Library. As the lending smart contracts are not open source, they wouldn’t qualify for an xGov grant. They are just referenced here to give background to the Folks Finance team.

In terms of our roadmap for our lending, we don’t have plans to open source that. If you want to discuss that topic further, best if you bring that discussion to the Folks Finance Forums or Discord server.

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Folks has been on algorand for a long time. I am sure they will have a set of contracts that will be beneficial for the community developers.

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