Yieldly (YLDY), the first decentralized finance platform built atop the Algorand blockchain, revealed today that $10 million in Algorand's ALGO has already been staked, placing Yieldly within the top 40 DeFi protocols by Yield TVL in under two days post-launch. The milestone comes ahead of its June 17 cross-chain launch where users of the wider DeFi ecosystem can participate in Yieldly's no-loss lottery and liquidity pools.
As well as launching its suite of recently audited non-custodial smart contracts on Algorand, Yieldly has launched a no-loss lottery for ALGO holders as its initial use case. Algorand's first no-loss lottery product gives users the chance to be rewarded with a share of the cumulated ALGO and YLDY rewards. Meanwhile, Yieldly continues to build out its roadmap, including cross-chain capabilities with ERC-20-based DeFi protocols, Binance Smart Chain and Polygon.
Launched on June 5, the no-loss lottery product has already seen partners pledging between 250,000 and 1 million ALGO, with the lottery open until June 11, 2021. The total number of ALGO staked in the prize pool is set to exceed $15 million and increase exponentially over time. Yieldly has committed to an industry-first contribution by matching and donating 100% of the winnings of the first draw, taking place on June 11, 2021, to an important social good project.
œWith nominal fees, fast transaction speeds and an energy-efficient design, Algorand is the ideal platform upon which to build a future-proof Defi solution. Yieldly's no-loss lottery really has the potential to become a major onboarding platform into DeFi platforms at large. It will only be a matter of time until we see a weekly pool prize of over $1 million, said Sebastian Quinn, founder and CEO of Yieldly.
Founded in 2020, Yieldly aims to unlock and expand DeFi in the Algorand ecosystem. Bootstrapped by the Algorand Asia Accelerator in 2020, the Yieldly team recognizes the existence of immense opportunities that provides users the same utility and access to liquidity that other protocols have.
Yieldly counts numerous venture capitals among its supporters, including Borderless Capital, LongHash Capital and CMS Holdings, with additional support from NGC Fund, Kosmos Capital, LD Capital, YBB Foundation, OKEx Blockdream Ventures, Kyros Ventures, Mozaik Capital, Kernel Ventures, GTA Ventures and IBMR.io. Borderless Capital, which formed a fund specifically for projects built on the Algorand blockchain, invests in businesses that leverage Algorand technology to create value in the borderless economy.
Last month, Yieldly launched its initial direct offering, which became oversubscribed by more than five times the anticipated volume within an hour. In that time, 850,000 YLDY tokens were sold, with over $4 million pledged from approximately 5,000 participants.
In preparation for the June 17, 2021 launch date ” when Yieldly's DeFi liquidity pools open to the wider public ” Yieldly has successfully concluded a hacker-resistant smart contract and blockchain audit by Halborn. Halborn is an award-winning cybersecurity firm that has performed rigorous audits for some of the industry's most established blockchain businesses including Coinbase, BlockFi, Stellar and Avalanche.
The audit is especially significant in the wake of an increasing number of œrug pulls, exit scams and BSC-based DeFi exploits, primarily originating from unaudited or improperly audited protocol smart contracts.
œTo reward early partners and community members, we have also launched our ground-breaking ASA staking and rewards product early. YLDY holders can stake their YDLY tokens and earn the largest rewards for ASAs in the market. Initial calculations put this conservatively at 28% APY, concluded Quinn.
About Yieldly
Yieldly is bringing the first range of DeFi products to the Algorand blockchain. From no-loss prize games and liquidity pools to cross-chain swapping and staking across Algorand Standard Assets (ASA), ERC and BEP2-based DeFi protocols, Yieldly enables users to interact with the DeFi sector in an intuitive and low-cost way.
Source:-https://cointelegraph.com/press-releases/yieldly-debuts-defi-on-algorand-with-8m-tvl-in-first-48-hours
