- Messina.one introduces mALGO for Algorand Governance, a novel liquid staking solution.
- It simplifies governance participation, automatic restaking, and enhancing liquidity.
- mALGO’s launch offers flexibility and DeFi participation opportunities.
Messina.one, a prominent player in the blockchain space, has revealed its latest innovation, mALGO, a liquid staking solution designed for Algorand Governance. This novel product not only accepts ALGO but also accumulates governance rewards, allowing mALGO’s value to appreciate over time.
As we can see from the tweet above, mALGO is a new liquid governance option for Algorand users. Simultaneously, it empowers holders to trade staked positions and actively engage in on-chain decentralized finance (DeFi) activities.
Drawing inspiration from successful liquid staking protocols like Lido Finance and Rocket Pool, Messina.one aims to bring this groundbreaking concept to the Algorand ecosystem. Algorand Governance has already distributed over 480 million ALGO, and the Annual Percentage Rate (APR) has reached an impressive 10.59%.
One notable feature of mALGO is its automatic restaking mechanism. Staked ALGOs are automatically restaked in every governance period, eliminating the need for mALGO holders to periodically burn and restake their assets to receive Governance Rewards.
This added convenience simplifies the management of governance participation and helps DeFi protocols maintain consistent Total Value Locked (TVL) levels throughout each quarterly governance period. Moreover, all funds are securely staked in smart contracts, ensuring a decentralized and secure ecosystem for ALGOs.
More importantly, mALGO provides flexibility, allowing users to unstake their assets at any time, even during the governance period. Holders will receive ALGO at the prevailing exchange rate to the ALGO liquid staking pool, enhancing liquidity within the Algorand network.
Daniel Oon, Head of DeFi at the Algorand Foundation, expressed enthusiasm for mALGO, stating, “Messina has already established itself as a trusted provider, and we’re confident that the same level of trust will be extended to their liquid staking journey.”
Michael Knott, Chief Technology Officer at Algo Foundry, highlighted the potential of mALGO, stating, “Liquid staking strengthens the decentralization of Algorand and also offers users the freedom to actively participate in DeFi, bridging the gap between staking and liquidity provision.”
Finally, Messina.one’s mALGO liquid staking solution is set to launch on September 12th, 2023. I will provide Algorand users with a new avenue for their liquid governance commitments and an enhanced DeFi experience. The product’s roadmap includes additional convenience features, further enhancing liquidity and usability within the Algorand ecosystem.
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