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Introduction
Passive liquid staking on Algorand.
The Hone Algorand Liquid Staking protocol allows users to earn Algorand Governance rewards without having to vote or soft-locking their Algo for three months at a time.
Users can deposit Algo into the Hone smart contract and receive dALGO in return. The smart contract then enrols the deposited Algo in Algorand Goverance and votes with the lead of the Algorand Foundation. In the future, HONE token holders will control the voting power of the staked Algo pool, and will earn protocol revenue for participating in votes.
dALGO tokens can be transferred freely, used as collateral, or as supplied as liquidity for AMM pools. Alternatively, it can just be held; dALGO does not require redemption of rewards after every period, therefore your rewards auto-compound if you do not redeem. This also means that, unlike other liquid Algo implementations, there is no need to unwind your positions and return to Hone after every period to claim your rewards. The dALGO token itself accrues value, meaning it is not pegged 1:1 with Algo; its price will increase over time.

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Last modified 3mo ago
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