What is Alluo?
Alluo is an easy-to-use mobile app that lets users earn great yields on the funds they deposits in Alluo.
Funds in Alluo can only be accessed by you - we don’t have access to your funds nor does anyone else.
Is Alluo regulated?
No, All is not regulated.
This means that Alluo is not a bank account and the funds in Alluo are not insured by the FDIC, FSCS, or any other government fund.
This also means that no government agency has access to the funds you hold in Alluo - only you can access them.
How do I get started?
Simply download the Alluo app on the Apple store or Google Playstore to get started.
Once you have downloaded the app, it should take you less than 2 minutes to create an account and start earning!
What can I do with Alluo?
Today, you can deposit money using a card or a bank account and you will start earning a great yield right away!
You can also transfer money to a friend or family member using the Transfer functionality.
How does Alluo work?
When you deposit money in the Alluo app using one of our on-ramp partners, the funds are automatically converted in dollar stablecoins, from there, they flow to the Alluo protocol which is a decentralized yield optimization protocol on the polygon and Ethereum blockchain.
What are dollar stablecoins?
Dollar stabelcoins like USDC are crypto-currencies that track the dollar, where 1 USDC is typically equal to 1 dollar.
There is about $180 billion dollar worth of stablecoins in circulation today.
For more details about stablecoins, feel free to have a look at this article from coinmarketcap.
What's a non-custodial wallet?
Alluo is a non-custodial wallet which means that only you can access your assets (not the Alluo team or anyone else) and that nobody can stop you from accessing them (not even Alluo). By contrast, a custodial wallet (for instance Coinbase, Kraken, or Binance) is more akin to a traditional bank that holds your assets and can lock you out at any time.
How does Alluo generate the yield?
When users deposit funds into Alluo via one of our onramp partners, they are automatically converted into dollar stablecoins, from there, they flow into the alluo protocol where they can generate yield.
The yield generated from the protocol comes from 3 sources:
- Liquidity fees, which are earned through the provision of liquidity between different dollar stablecoins
- Rewards, which are given out by different protocols to attract liquidity to their venues
- Interest from lending, which is earned by providing loans against other crypto assets such as Ether, Bitcoin etc.
For more information about how yield is generated, please have a read through this article on yield farming by coinmarketcap.
Yield farming is the term used for the generation of yield for a particular asset within the decentralized finance space.
Who are Alluo’s on-ramp partners?
Alluo uses a network of on-ramp partners throughout the world such as Moonpay and https://ramp.network, those partners allow you to easily deposit money from a card or bank account into Alluo and start earning great yields.
What happens if I lose my phone?
If you lose your phone, simply download the app on your new phone and log in using your previous credentials. Note that if your previous phone was an android, you will need to recover your account on an android device. Similarly, if your previous phone was an iphone, you will need to recover your account on a new iPhone. We will shortly be working on enabling cross-device recovery.
What if something happens to Alluo?
The Alluo mobile app communicates directly with the polygon blockchain which means that even if the Alluo team is no longer operational, you will still be able to access your wallet and withdraw your funds.
Who built Alluo?
The team at Alluo is composed of people from around the world (Uk, Portugal, Uzbekistan, Russia) who have significant experience within the Fintech space from previous ventures.
How do I contact the team?
You can reach out to us
- On Twitter
- On Discord
- Through the mobile app, in the Chat section