Place/Date: George Town, Cayman Islands - May 18th, 2021 at 12:30 pm UTC · 3 min read
Contact: Matt Shams, Source: BlockSwap Network
BlockSwap Network is pleased to announce a strong partnership and collaboration with Algorand. Through this collaborative effort, both teams will bring forth the AlgoSaver solution. Introducing a sustainable saving market for mainstream users offering 7% on USD deposits is a significant milestone for both teams.
The partnership between Algorand and BlockSwap Network is possible through the Algorand EU Accelerator. Of the 200 projects entering this accelerator, only 11 were able to complete the process. BlockSwap Network is one of those 11 companies, allowing the team to build new products and solutions to improve mainstream adoption of cryptocurrency.
By completing the EU Accelerator, BlockSwap Network will launch the AlgoSaver testnet in July 2021. AlgoSaver offers a sustainable savings market for mainstream users with a 7% APY on USD. That rate is far more competitive than what users can earn through traditional bank accounts or the majority of mainstream investment options. Additionally, ALGO liquidity providers can earn 200% on their staked tokens by providing liquidity to the Open Saver smart contract suite.
Addie Wagenknecht, Algorand Foundation Global Program Manager, 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.”
Eterna Capital Partner Mattia Mrvosevic comments: “With Blockswap, users can finally unlock liquidity tied up in staking and by tapping into AlgoSaver, users get to actually invest in a fixed yield product in Algorand. In a world where 2 billion people still lack access to financial services, BlockSwap’s vision of fostering universal basic savings is key to making society more inclusive.
The Open Saver smart contract suite will serve as a Universal Basic Saving solution to let anyone earn a 7% USD yield from their native currency in a frictionless manner. With its liquid staked asset and tradeable tranches of yield bonds classifications, open Saver makes it easy for capital market players to deploy their capital.
The completion of the Algorand EU Accelerator has helped BlockSwap Network raise over $6 million in funding. The team completed several investment rounds, a Balancer LBP event for fair price discovery, and a liquidity provider incentive on Uniswap, the largest decentralized exchange in the world. Additionally, the team has recently launched its CommunityNet initiative to let users test the products under the BlockSwap Network umbrella. Two hundred fifty million BSN CommunityNet tokens will be distributed during this event, which is redeemable 1:1 on the mainnet.
The success of BlockSwap Network would not be possible without a strong community. The project has over 20,000 followers on Twitter and Telegram. With the help of its growing community, BlockSwap Network can keep pushing the boundaries of decentralized finance. Their upcoming product will make DeFi a lot more appealing to mainstream users looking to put their money to work.
BlockSwap Network makes proof-of-staking benefits accessible to everyone as a stable yield source, incentivizing existing staking operators and PoS token holders by insulating everyday users from dealing with crypto asset volatility and its staking process’s complexities.