Singapore, 12th September 2023 — Messina.one is launching mALGO, a liquid staking product for Algorand Governance that accepts ALGO and accrues governance rewards so the value of mALGO appreciates over time, while enabling holders to trade staked positions and further participate in on-chain decentralised finance.
Similar to liquid staking protocols like Lido Finance and Rocket Pool, Messina.one brings this innovation to Algorand where governance rewards have distributed over 480 million ALGOs and APR has reached as high as 10.59%.
Staked ALGOs are automatically restaked every governance period so mALGO holders do not have to periodically burn and restake to receive Governance Rewards. This added convenience means holders do not have to actively manage their governance participation and DeFi protocols will not have to suffer sharp drops in TVL around each quarterly governance period. All funds are staked in smart contracts to ensure a decentralised ecosystem that keeps ALGOs safe.
mALGO can be unstaked at any time, even during the governance period, and holders will receive ALGO at the prevailing exchange rate to the ALGO liquid staking pool. Enhanced liquidity is the driving purpose of mALGO with more convenience features planned for future releases.
Daniel Oon, Head of DeFi, Algorand Foundation, expressed his enthusiasm for mALGO,
“We’re thrilled about the upcoming launch of mALGO. Starting from 12 September 2023, users will have Messina mALGO to choose from when it comes to their liquid governance commitments. Messina has already established itself as a trusted provider for many users with its bridge, and we’re confident that the same level of trust will be extended to their liquid staking journey.”
Michael Knott, Chief Technology Officer, Algo Foundry, reflecting on the potential of mALGO, said,
“We are excited to bring true liquid staking to Algorand, unlocking the full potential of its blockchain. 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.”
ALGO holders can participate in staking from today until the first staking window closes (approximately 14 October 2023 15:00 UTC). To participate in liquid staking on Algorand visit us at www.messina.one/liquid-staking, and to learn more about liquid staking please read our docs!
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.
About The Algorand Foundation
The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralised protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfil the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralised governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation