Algorand Ecosystem Gets ALGO Liquid Staking Product for Governance

Key Takeaways:

• Messina.one has unveiled a liquid staking product for Algorand governance
• The new product will improve convenience and rewards for network participants while offering other decentralized finance opportunities
• mALGO can be unstaked at any time and all funds are staked on a smart contract to guarantee a safe and decentralized ecosystem

The Algorand ecosystem is getting a liquid staking product for governance, called mALGO. This new product is being launched by Messina.one, a project built to enable a decentralized omnichannel future for everyone. Among other things, the development will have an impact on Algorand’s price.

As a liquid staking product, mALGO will enable holders to trade staked positions using their Algorand tokens. It will also support participation in other on-chain decentralized finance activities. While accepting ALGO, the new product will accrue governance rewards, meaning that mALGO value will appreciate over time.

A new helpful feature for ALGO holders

ALGO holders will be the biggest beneficiaries of this new product from Messina.one. While it is similar to such other liquid staking protocols as Rocket Pool and Lido Finance, Messina.one is aiming at improving governance rewards for ALGO holders.

Considering that over 480 million ALGOs have already been distributed in the ecosystem and APR has reached 10.59%, the new product will make the Algorand ecosystem a lot more profitable for participants. It will also enhance ALGO liquidity meaningfully.

With mALGO, token holders wouldn’t need to burn and restake tokens from time to time as staked ALGOs will be automatically restaked every governance period. This also implies that holders wouldn’t need to actively manage their governance participation and DeFi protocols will no longer experience sharp drops in total value locked (TVL) during governance periods.

Convenient and more rewarding

As a liquid staking product for governance, mALGO adds convenience and improved rewards. Holders trading staked positions will take profits automatically.

Another major benefit of mALGO is that it can be unstaked at any time. Holders can even decide to unstake during governance periods. Regardless of when they choose to unstake, holders will receive ALGO at the prevailing exchange rate to the ALGO liquid staking pool.

While enhanced liquidity is one of the primary purposes of this product, safety, and decentralization are not compromised in any way. All funds are staked in smart contracts to maintain the ideals of the ecosystem. There are concrete plans to release more convenient features in the future.

Speaking about the launch, Head of DeFi at Algorand Foundation, Daniel Oon, said:

“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.”

Wrapping Up

The new liquid staking product from Messina.one is already open to holders, starting from today. The first staking window will close on October 14, 2023, at approximately 15:00 UTC. Participation is simple – you can easily head to www.messina.one/liquid-staking to get started.

From all indications, mALGO will bring several benefits to ALGO holders and the entire Algorand ecosystem. It fittingly bridges the gap between staking and liquidity provision. Improved convenience and enhanced rewards are some of its biggest benefits. Potential participants are advised to keep an eye on Algorand’s price prediction as events unfold.