Folks Finance launches xChain testnet on Base, Avalanche, and Ethereum

Folks Finance, the largest DeFi app on Algorand, has launched the testnet for its next-generation xChain lending app. The testnet will be deployed on four major blockchain networks. The primary goal of the Folks testnet is to thoroughly assess and validate Folks’ crosschain framework, which aims to provide an intuitive, efficient, and flexible lending experience across multiple networks. Folks’ team has been preparing for the crosschain expansion for over a year to ensure a smooth launch. The preparation includes security audits by Ottersec as well as a public community bug bounty on Immunefi worth $100,000.

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