Algofi goverance is used to commit changes to the protocol.
The Algofi protocol is speeding towards full decentralization. The protocol governance token BANK (ASA ID 900652777) provides us a method of distributing control of the protocol to users. BANK is not live yet but will be available when Algofi governance is live.

How do I obtain BANK?

51% of all minted BANK tokens are set aside to be distributed via rewards programs and other community incentives. The fair distribution of these tokens guarantees that the majority of our governance lies in the hands of the community. The exact tokenomics of the Algofi protocol are still being formulated, please check back here for more details.

How is BANK distributed?

51% is set aside for the community treasury.
The remaining 49% will be allocated between core developers, governance treasury, and investors. All tokens issued to investors and developers will follow a vesting schedule.

How will I use BANK?

A system of smart contracts will enable users to vote on any change or upgrade to the protocol in a decentralized way. BANK will represents users' share of votes. Users will be able to delegate their votes to other users.
Various topics that will be open to voting include:
  • AlgoStable interest rate
  • BANK reward program parameters
  • Various asset configurations (e.g. borrow rate slopes, collateral factors, etc.)
  • Distribution of Algofi protocol reserves and treasury
Other possibilities will come from the forthcoming governance portal where Algofi protocol users can discuss and propose protocol changes.