This tool helps you compare the most important metrics for Algorand's major decentralized exchanges. Based on historical data from the article, see how Algofi, Tinyman, and Pact measured up in key areas when Algofi was operational.
These metrics reflect the state of each platform in 2023-2024 when Algofi was still operational.
When choosing a DEX on Algorand, these metrics directly impact your trading experience:
Based on this data, Tinyman appears to be the most robust Algorand DEX in terms of active trading volume and liquidity, while Algofi's historical TVL data shows its peak dominance was temporary.
The following tokens were supported on Algofi at its peak:
When you hear "Algofi," the first thought is often a one‑stop DeFi hub on the Algorand blockchain. Launched in December 2021, it promised lending, borrowing, a native stablecoin and a decentralized exchange (DEX) all under a single roof. Fast‑forward to 2025, and the story has taken a sharp turn - a shutdown, a rumor of a reboot, and a mixed bag of user experiences. This Algofi review breaks down what the platform delivered, why it stalled, and whether any revival is realistic.
Algofi is a DeFi protocol built on the Algorand blockchain that combined lending, borrowing, stablecoin issuance (STBL), governance (BANK token) and a DEX. It positioned itself as Algorand’s flagship DeFi ecosystem, aiming to attract both retail users and developers looking for high‑throughput, low‑fee transactions.
The platform required only an Algorand‑compatible wallet - mostly Pera wallet or MyAlgo wallet - eliminating traditional sign‑up steps. Users could connect, lend assets, mint the STBL stablecoin, or swap tokens directly from their browser.
At its peak in February 2023, Algofi locked $134.7 million across its services, accounting for roughly 54% of Algorand’s total DeFi value‑locked (TVL) according to DeFiLlama data. By July 2023, TVL had slumped to $25 million - an 81.5% drop in just five months.
Swap activity was even more stark. Independent tracking showed 24‑hour DEX volume hovering near zero, often recorded as "effectively zero" for extended periods. Liquidity pools remained shallow, meaning most trades failed to execute or suffered massive slippage.
Security‑wise, Algofi inherited Algorand’s Pure Proof‑of‑Stake (PPoS) consensus, which offers fast finality and low fees. However, with negligible trading volume, the DEX component never faced real‑world stress tests, leaving its practical security largely theoretical.
The July 2023 announcement detailed a step‑by‑step wind‑down:
Analysts point to three core reasons:
| Metric | Algofi | Tinyman | Pact |
|---|---|---|---|
| Total Value Locked (TVL) | $25 M (July 2023) | $12 M | $8 M |
| 24‑hr Swap Volume | ≈$0 (effectively zero) | $1.2 M | $900 k |
| Active Liquidity Pools | 3 major pools | 12+ pools | 9 pools |
| Governance Activity (proposals) | Frozen post‑July 2023 | Active, monthly votes | Active, quarterly votes |
| User On‑ramp (wallet integration) | Pera, MyAlgo only | Pera, MyAlgo, Ledger | Pera, MyAlgo |
The table highlights that while Algofi once dominated TVL, its actual trading activity lagged far behind the specialized DEXs. Tinyman’s broader pool count and steady swap volume made it the go‑to platform for Algorand traders.
Community chatter on Reddit and Discord painted a clear picture: users loved the account‑less design, but the lack of depth meant swaps failed or executed at terrible rates. A common complaint was “I connected my MyAlgo wallet, tried swapping ALGO for STBL, and the transaction never filled.”
Early adopters who had staked BANK tokens lamented the abrupt governance freeze, which left them unable to vote on proposals or claim promised airdrops. The swift wind‑down, however, did allow users to withdraw their assets without major hiccups - a silver lining that prevented loss of funds.
In August 2025, a speculative report suggested a “recent liquidity injection” could spark an Algofi reboot. While the claim is upbeat, the practical hurdles remain steep:
Until these challenges are addressed, the most realistic outlook is that Algofi will stay dormant or be repurposed under a different brand.
If you’re hunting for a vibrant Algorand DEX, Tinyman or Pact are the safer bets. Algofi’s historical significance - once holding more than half of Algorand’s DeFi TVL - makes it an interesting case study, but its practical utility today is limited. Keep an eye on any official announcements, but allocate capital elsewhere until a clear, funded revival plan emerges.
Algofi supported ALGO, vALGO (wrapped ALGO), STBL (its native stablecoin), USDC, goBTC and goETH. Users could also lend and borrow these assets through the protocol’s vaults.
No. Algofi was built as an account‑less DeFi platform. All you needed was a compatible Algorand wallet like Pera or MyAlgo.
Liquidity pools never reached sufficient depth. Without enough tokens in the pool, trades either failed to execute or suffered extreme slippage, discouraging traders from using the DEX.
Yes. The protocol entered a withdrawal‑only mode in 2023, allowing users to pull their funds back to their wallets. The process was designed to be frictionless.
Speculative reports in 2025 hinted at a potential liquidity injection, but no concrete roadmap or funding has been announced. Until then, a relaunch remains uncertain.
Man, I remember when Algofi was the talk of the Algorand subreddit. Everyone was stacking BANK tokens like they were going out of style. I even staked my ALGO for months waiting for that sweet airdrop. Turns out the only thing that got airdropped was disappointment.
Still, props to them for letting people withdraw their funds. A lot of DeFi projects just ghost you. Algofi at least gave us a clean exit, even if it sucked.
Now I just use Tinyman. Simple, works, no drama. Sometimes the best DeFi project is the one that doesn’t try to do everything.
Algofi was 🔥 then 💥 now 😅
At least they didn’t rug. Big respect for that. Tinyman all day 🚀
Let me be clear: Algofi’s collapse wasn’t an accident-it was a predictable failure of overreach. Attempting to consolidate lending, borrowing, stablecoin issuance, AND a DEX under one protocol was a classic case of ‘jack of all trades, master of none.’
Furthermore, the governance token, BANK, was never properly incentivized beyond speculative hype. Liquidity providers weren’t rewarded meaningfully; they were baited with empty promises.
And now, the so-called ‘revival rumors’? That’s not optimism-it’s manipulation. The market doesn’t forget incompetence. Until there’s a transparent, audited, and fully funded roadmap-with real institutional backing-this isn’t a revival. It’s a scam waiting to happen.
Users who still cling to Algofi’s ghost are not nostalgic-they’re vulnerable. And that’s not just a technical failure. It’s an ethical one.
Algofi’s TVL was inflated by yield farmers gaming the system. The DEX volume was zero because no one used it. Tinyman had better UI and more pools. Case closed.
They shut it down because the government pressured Algorand. STBL was too close to a real currency. The ‘liquidity injection’ rumor? That’s a distraction. They’re not coming back. They’re burying the evidence.
Remember when they said ‘no KYC’? Now they’re scared of regulators. The whole thing was a front. They wanted to collect your assets, then vanish. You were never a user-you were a data point.
And the ‘withdraw-only’ mode? That’s not kindness. That’s legal cover. They knew the rug was coming. They just gave you a shovel to dig your own grave.
It’s interesting how Algofi’s failure contrasts with Tinyman’s resilience despite lower initial TVL. The key differentiator appears to be sustained liquidity incentives and a more modular architecture. Algofi’s monolithic design created single points of failure, whereas Tinyman’s focus on the DEX as a core function allowed for iterative improvements and community-driven liquidity mining.
Additionally, the lack of wallet integrations beyond Pera and MyAlgo likely limited adoption. Ledger support, even if optional, signals institutional trust. Algofi’s omission of this was a strategic oversight.
so like… algofi was just kinda… dead before it even really lived? 😴
why did anyone think this was a good idea??
tinyman all the wayyyyyy 🙃
People still talk about this like it’s a tragedy. You lost nothing. You were gambling with crypto. Don’t cry when the house wins. Algofi was reckless. Tinyman is responsible. End of story
I'm a blockchain analyst and cryptocurrency educator based in Perth. I research DeFi protocols and layer-1 ecosystems and write practical pieces on coins, exchanges, and airdrops. I also advise Web3 startups and enjoy translating complex tokenomics into clear insights.
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