What is Yieldly: Algorand Deep Dive

Yieldly

Yieldly - Algorand Deep Dive

In this article we're talking about Yieldly Finance, the first DeFi platform on Algorand. We'll go through what Yiedly is, how to use it, where to buy YLDY, as well as talking about it's future. 

The official website for Yieldly you can find here. Anyways, let's dive right into it.

What is Yieldly?

Yieldly was launched in June 2021 is the first decentralized finance (DeFi) platform on the Algorand blockchain protocol. In a nutcase it's what Polygon is to Ethereum. Now if you don't know what Polygon is then don't worry, just keep on reading.

Yieldly have stated that their mission is to allow secure and fast swapping of ASA's on the platform, as well as allowing intercrosschain transactions. Not only that, but they are also aiming to provide an easy way for ASA developers to create their own staking pool and prize games.

Yieldly Staking

At launch Yieldly mainly offered users to participate in No-Loss Prize Games, but later expanded into the world of staking pools as well. Yieldly also released their own  Algorand standard asset (token) known as YLDY, which in itself can be staked for rewards.

Yieldly have staking pools for several ASAs and they're constantly launching new ones as the old ones expire. Staking pools offers a certain percentage of annual percentage yield, the exact amount depends on which pools the user are staking into. 

What is the No-Loss Prize Game?

Update: Yieldly no longer offers the No-Loss Prize Game As of March 2022. However, Yieldly is relaunching its NFT Prize games.

The No-Loss Prize game on Yieldly was a weekly lottery game which could be entered by staking  ALGO's on the Yieldly platform. The staked ALGO gave daily return, as well as letting the user participate in the lottery of around 30,000 ALGO's (roughly worth $50,000 at the time). One winner was drawn every Friday, and any user who want to participate must stake their Algorands at least before the previous draw to be eligible for the next lottery. If you didn't win you'd still retain the ALGOs you were staking, just as the name "No-Loss Prize Game" implied.

Yieldly on Algorand AlgoDaddy

How To Use Yieldly

In order to use the Yieldly platform you must have your Algorand connected to either the Pera Algo Wallet or MyAlgo Wallet app. After that head over to the Yieldly in-browser app and press connect wallet in the top right corner. Follow the instructions to log-in. From here you can access all the functions of the platform. 

You must have ALGOs on the wallet in order to start using Yieldly, please note that you should always make sure that around 2-3 ALGO stay unstaked and available for any transactions fees when using the application.

Where to Buy Yieldly (YLDY)

This has previously been the most daunting part of Yieldly, where initially the only way of obtaining YLDY was through airdrops or staking Algorand. However this rapidly changed in the past couple months. Currently there are 3 ways to buy or obtain Yieldly tokens:

1. MEXC Exchange Yieldly/USDT

Yieldly tokens can be bought through the exchange MEXC (allows non-KYC registration for up to 5 BTC total withdrawl every 24h). However you can only trade Yieldly/USDT, which means that you'd have to first send another crypto currency supported by the platform (e.g ALGO or LiteCoin) to the MEXC wallet, then trade it for USDT, which can subsequently be used to buy Yieldly.

2. Tinyman Liquidity Pool

Tinyman is a decentralized trading protocol (a DeFi liquidity pool) which allows all ASAs on the Algorand protocol to be swapped inbetween eachother in a safe and secure way. 

You can access the platform by heading to the Tinyman website and connecting your wallet to their in-browser app. Simply chose whatever assets you want to swap between and press swap. Do note that there sometimes is discrepancy in value between the two assets, and you must chose how much you allow he value to deviate before making the swap (0.5/1.0/1.5%).

3. Staking Yieldly for YLDY and ALGO

The final, and most classic way of earning YLDY, is through staking on their own platform. In return you earn both ALGO and YLDY.

Conclusion

Yieldly is the first DeFi platform on Algorand and it's being frequently updated with prize games and staking pools. It's really flexing it's flamingo muscles in the Algorand space, and you should be sure to follow it closely in the up-coming year!

That's it for this post. If you enjoy the AlgoDaddy website and find its posts useful, then why not consider buying us a coffee with ALGO?


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1 Comments

  1. "in a nutcase" is a hilarious typo of the idiom "in a nutshell"

    ReplyDelete