Algofi's DEFLY staking contracts still run, with no company behind them

Two Algorand smart contracts still run a staking service for the DEFLY token, and no company runs them. They were written in March 2022 for Algofi, which announced on July 11, 2023, that it would sunset its platform and move to withdrawal-only¹. The address that once presented them, algofi.org, no longer resolves.

What a staker does, and what it costs

There is no receipt to hold and no screen to press. Every action is one group of transactions that succeeds or fails as a whole. A deposit takes 15 transactions, an unstake 14, and a claim 13, twelve of them placeholder calls that exist only to fill the group. The deposit's DEFLY transfer comes last in its group, and the contract checks it for the right asset and a non-zero amount.

Nothing charges for this beyond the network's fee on each transaction. There is no front end either. The site that presented it no longer loads, and Defly²'s wallet app has no Algofi staking screen. A staker today builds the group with a script or a contract-call tool, or does not stake at all.

What has left this autumn

The stake is being withdrawn. Ten unstake calls between September 28 and October 18 appear to total about 39.3 million DEFLY out of the escrow. One call on October 7 accounts for about 93% of that: 36,417,048³ DEFLY left at once, close to a ninth of the escrow's balance.

Within minutes the wallet that received it appears to have sold 18 million⁴ DEFLY into ALGO/DEFLY pools, taking about 17,460⁵ ALGO back. At October 21's price of $0.00010016 a token, that sale came to roughly thirteen times the token's daily trade of about $139. A position that size cannot leave a market that thin without moving the price.

What is still inside

At October 21's price of $0.00010016 a token, the DEFLY in the staking escrow was worth about a third of the token's $98,143⁶ market cap. The reward pool holds about 9.96 million DEFLY, roughly $998 at the same price. Its 90⁷ claims in the ten days to October 21 paid out 187,330 DEFLY, close to 2% of the balance it sits on.

The market around the token is thin, with about $139 of trade in a day. The largest single holder is the staking escrow itself. Behind it sit two multisig accounts, which appear to hold 150 million⁸ and about 99.4 million DEFLY. Then come the Tinyman v2 pool with about 87.3 million and a single-signature wallet with about 72 million. On this record the recent activity reads as a few large holders moving out, not a crowd arriving.

That shape is the quietly interesting part. A service reduced to chain state can outlive the company that launched it. The balances sit in an application account, and the rules keep running for as long as the administrator key stays unused. That makes the operator a convenience rather than a dependency. It leaves nobody to answer a question about a stuck group, and leaves that key as the one thing able to rewrite the terms.

A receipt nobody holds

The program minted a receipt asset, AF-STAKE, and it has exactly one holder, the staking contract itself. The whole supply went to the escrow that same night, so no staker was ever issued one. Whatever else records a position, that token does not.

Who built it

Both programs were deployed on the night of March 4, 2022, by one account funded with 10 ALGO at 23:02 that night, which then created the receipt asset and funded both escrows. The account carries no name a reader can check against a person or a company.

DEFLY is the token of Defly², the trading wallet built by Blockshake⁹, which PXke covered in August. Defly's manual¹⁰ lists Algofi staking for it in a single line without describing the contracts, and still counts Algofi among the exchanges the wallet swaps through¹¹. Algofi hosted the program and has left the ecosystem: its withdrawal subdomain no longer resolves, and its only public repository had its last push in May 2025.

The key that can still change the rules

Both programs keep one administrator address in their state, and every route that changes a setting, moves funds or replaces code is gated on it. The update route matters most. It accepts that sender and no other, so whoever signs for it can replace the code, and with it the terms the escrow's balance sits under.

That account was rekeyed on April 28, 2023, when a separate multisig was created to sign for it, more than a year after the contracts and about three months before Algofi said it would wind down. No public record names that multisig's signers.