Liquid Staking Will Receive DeFi Rewards Boost From Algorand Governance G8
19 September 2023 — Liquid staking on Messina.one is set to receive a boost for its first staking period with DeFi Rewards!
During Algorand Governance Period 7, Algorand governors voted to “Boost” DeFi with targeted DeFi Rewards, and Messina.one was blessed to receive 106,525 ALGO to distribute. 50,000 ALGO was awarded to AlgoRai.Finance in August 2023 and we are awarding the remaining 56,525 ALGO to liquid staking users!
These rewards will be awarded at the end of September 2023, with the exchange rate for staking and unstaking ALGO for mALGO only updated when Governance Rewards for G9 are released at the beginning of January 2024. This means that staking will continue at the current 1:1 exchange rate until then and holders will benefit from the boosted price increase!
Thank you to the Algorand Foundation and all governors for this initiative to incentivise our DeFi ecosystem!
Liquid staking on Algorand is a new innovation and we look forward to bringing more options for Algorand users to harness yield with convenience and safety at the heart of our mission.
- N.B. Messina.one reserves the right to alter the DeFi Rewards distribution structure over the program period, as per the discretionary mandate given to it from the Algorand Foundation, if some APR is not being appropriately allocated and/or utilized effectively. As per the guidelines, 100% of the ALGO will be distributed, with no additional leftover funds held by Messina.one.
Messina.one is Web3 reimagined, purpose built to enable a decentralized omnichain future for everyone. Our interoperability tools dissolve barriers between blockchains, giving users the freedom to navigate Web3 seamlessly. Through Dapps that are simple and intuitive, we enable a future where information and value can be easily accessed anywhere.