Benedetto Biondi is a blockchain engineer and the CEO of Folks Finance, a DeFi platform allowing cross-chain lending, borrowing, staking, and trading. ^[1][2]

Education

Biondi attended Politecnico di Milano, receiving his Bachelor’s in Mechanical Engineering in 2018. He then earned his Master of Science in Engineering Innovation and Management from Cardiff University in 2020. ^[2]

Career

Biondi started his career as a mechanical design engineer at Pirovano Engineering Srl, where he completed an internship from February 2018 to June 2018 in Milan, Italy. He then transitioned into the blockchain industry, joining Blockchain Italia as an innovation manager in October 2018. In this role, which he held until September 2021, he focused on developing blockchain solutions and managing innovative projects. ^[2][3]

In March 2021, Biondi became the chief executive officer at Folks Finance, a position he continues to hold. As CEO, he leads the company in developing and expanding its decentralized finance (DeFi) offerings. In July 2022, he also took on the role of DeFi advisor at Climatecoin, where he guides decentralized financial strategies and implementations. Since September 2022, he has been a mentor for Algorand Accelerate, sharing his expertise and supporting new projects within the blockchain space. ^[2][3]

Folks Finance

In January 2023, SuperWarm interviewed Biondi about Folks Finance, starting with what motivated him to launch it: ^[4]

“Folks Finance was a project of Blockchain Italia, a Web3 software house which often builds on Algorand. A few years ago, before there was any DeFi on Algorand, we realized there had to be a capital markets protocol. It’s a requirement for an economy of any scale, so we decided to take the opportunity and get to work. It’s exciting to give people tools to take control of their digital assets. The independence DeFi gives the individual is so valuable, and we’re just happy that people enjoy what we’ve built for them to use. Beyond that, DeFi is a very new industry; it’s exciting to be involved during this formative period.”

He also explained why the project was built on Algorand: ^[4]

“In our eyes, Algorand was an obvious choice for its technical capabilities. Block speed is a matter of seconds, throughput is extremely high, transaction fees are nearly nonexistent and the consensus mechanism is incredibly robust. The chain also has highly functional smart contract capability which sets it apart from most Layer 1s. Plus, the community is quite active, vocal, and positive, so it’s a joy to be a part of that.”

When asked about future plans, he responded: ^[4]

“Our V2 is releasing soon, and it’s a huge upgrade on our initial release, which came out in April 2022. I’m not going to spoil the features but it will be the most composable DeFi platform on Algorand to date, so we can’t wait to drop it. Once V2 is out, our V1 source code will be published as open-source, and it’ll be great to see what other devs use that for. Into 2023, we’ll be focusing on growing the community, bringing in new capital, and launching our DAO, governed by the FOLKS token, which hasn’t come out yet.”

Interviews

About Folks Finance

At Algorand’s Decipher 2024, the Algorand Foundation interviewed Biondi about Folks Finance and his role in the company: ^[5]

“I am the CEO of Folks Finance. Folks Finance is the largest DeFi on Algorand, and Folks offers a variety of tools for DeFi. We try to make it a one-stop shop so you don't need to switch between different protocols and different UIs. We have lending, liquid staking, swaps, leverage trading, and on-off ramp. The idea is to provide something as close as possible to a centralized exchange in terms of offering and user experience because we see this as the way to onboard more users, as otherwise, it is very frictional.”

When asked about which sector of Web3 Folks Finance impacts the most, he responded: ^[5]

“I think DeFi is the backbone of crypto, like an infrastructure. You wouldn't be able to have so many things without DeFi. For example, you wouldn't see this rush on meme coins without DeFi, because they started to exist due to the ability to trade them permissionlessly and execute extreme strategies with them. Then they got listed on exchanges. DeFi is the backbone for many other drivers of Web3 as well. One of the most notable things we did in 2023 was becoming the first lending protocol to list tokenized gold and silver, and this was done in a permissionless way. When considering the real-world asset narrative, which is now significant, DeFi provides a powerful way to use these tools. When we listed these assets, we received feedback from users saying they had been investing in commodities through platforms like Revolut, but they were never able to take a loan against it. In DeFi, they can do it with one click, without any barriers. It is simple and efficient, which is why I believe DeFi is the backbone.”

He then discussed why he chose to build on Algorand: ^[5]

“At the very beginning, the reason we decided to partner with Algorand as the software house was due to the quality of the technology. With our founder knowing Silvio, it felt like a mutual affinity from the start. The technology is impressive, and if you use Folks Finance, you can see why it always works smoothly. Transactions are consistently fine, whereas on other chains, while you can use DeFi, there are sometimes issues, such as gas fees or network problems. Building the application on Algorand makes it very smooth and easy to use. This is due to several factors, including its technical capabilities, instant finality, low transaction fees, and fast block times, all of which contribute to a very good experience. With new developer tools emerging, I believe even more developments will arise.”

Algorand Experiences

In an interview at Algorand Miami Accelerator, Biondi discussed his background in engineering and his work at Blockchain Italia, where he transitioned from Ethereum to Algorand due to high gas fees and inefficiency on Ethereum. This move led to the development of new projects, including Folks Finance, created during the Algorand Europe Accelerator program. Biondi described how the accelerator provided essential mentorship, resources, and support, helping the team establish their project and connect with investors like Borderless Capital. He highlighted the collaborative and supportive nature of the Algorand community, which played a crucial role in the growth of Folks Finance. ^[6]

Panels

Financial Inclusion

In a fireside chat at the Algorand Impact Summit, Biondi and Eric Wragge of the Algorand Foundation discussed decentralized finance (DeFi) and its potential impact on financial inclusion. Biondi shared his journey from engineering studies in Italy to his role at Blockchain Italia and eventually founding Folks Finance on Algorand. He detailed the challenges and innovations in building DeFi platforms, particularly focusing on Folks Finance's evolution from a project manager to an entrepreneur. The conversation covered the growth of DeFi, the benefits of transparency and efficiency over traditional finance, and the integration of real-world assets like tokenized gold and silver. Biondi also highlighted his experiences in India, appreciating the local culture and entrepreneurial spirit. ^[7]