SubQuery Empowers Folks Finance with Web3 Integration in Algorand October 26, 2023 October 26, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 26, 2023 by Kelly Cromley

SubQuery Empowers Folks Finance with Web3 Integration in Algorand

In an exciting development, SubQuery has unveiled a strategic partnership with Folks Finance, a newly established decentralized finance (DeFi) platform encompassing lending, borrowing, trading, and asset management. This collaboration is poised to usher in an era of unprecedented success for both entities by embracing Web3 technologies within the Algorand ecosystem.

SubQuery’s involvement in this partnership extends to providing Folks Finance with its indexing capabilities, empowering developers on the platform to efficiently query their smart contracts for essential data. Significantly, developers will be duly compensated for their contributions. Through this integration, SubQuery and Folks Finance are collectively pioneering the integration of Web3 technology into Algorand, marking a significant milestone for both organizations.

The introduction of SubQuery’s Folks Finance data indexing solution represents a substantial leap in developer tools. This solution, known for its flexibility, speed, openness, and decentralization, holds the potential to revolutionize the development of ecosystem applications. Blockchain developers are now granted the ability to manage and access on-chain data for a wide range of protocols and applications, all thanks to this innovative tool. SubQuery’s customized API, in particular, empowers developers to redirect their focus towards product development and enhancing the overall user experience, rather than expending their efforts on intricate indexing solutions.

Sam Zou, the Founder and CEO of SubQuery, expressed his satisfaction with this partnership, underlining the dominance of Folks Finance in the realm of decentralized finance. Developers stand to benefit greatly from SubQuery’s swift, versatile, and easily accessible data indexer. Zou emphasized the presence of SubQuery’s open-source SDK, tools, documentation, and developer support, collectively facilitating comprehensive indexing.

Folks Finance, on the other hand, has made remarkable strides in decentralized finance with the introduction of Folks Router, its proprietary DEX Aggregator. This platform streamlines the exchange of native assets, providing a seamless experience for users. The integration of SubQuery indexing serves to enhance Folks Router’s capability to store and filter smart contract data, enabling the generation and accessibility of crucial metrics. The introduction of decentralized indexing from the SubQuery Network is expected to bring substantial benefits to Folks Finance developers, further enhancing their talents and products.

Stefano Faieta, Frontend Head at Folks Finance, expressed his enthusiasm for SubQuery’s involvement. The SubQuery platform is designed to accelerate and optimize data retrieval for developers, reinforcing the commitment to delivering an exceptional developer experience that drives innovation and adoption within Folks Finance.

SubQuery developers are now presented with the opportunity to swiftly create customized dApp and smart contract APIs, significantly enhancing the platform’s services that clean and organize data for seamless API calls and mapping libraries. SubQuery also brings advanced infrastructure project methods into play, including automatic DOS mitigation. Of paramount importance, SubQuery assures developers that it will not discontinue its managed services, ensuring a stable and reliable development environment.

The introduction of multi-threading and store optimization promises to elevate SubQuery’s performance. It effectively reduces database write costs, thereby expediting synchronization processes. Furthermore, it facilitates more agile development, allowing for faster iteration and feature releases. With the strategic partnership between SubQuery and Folks Finance now in motion, the realms of DeFi and the Algorand ecosystem are poised for significant expansion and innovation.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.