Yieldly - A new DeFi Ecosystem for Algorand
With its recent ICO on TrustSwap, Asian DeFi startup Yieldly is getting noticed.
Their planned listing on exchanges is announced for the end of June 2021. This may push its token to the moon. It will also add key missing parts to the Algorand ecosystem.
The Algorand (ALGO) blockchain has often received praises in the past for its security features, high velocity and efficient technology. However, so far, it has failed to fully deliver its promises. This may well change.
The relative succes of Algorand despite its obviious technical strength partly lies with the ALGO (so far fawlty) tokenomics and with the past inexistence of Algo DeFi options.
On this see the excellent YouTube video from CoinBureau HERE.
With its launch this month, Yieldly may well bridge the existing gaps and send ALGO to the stratosphere...
(N.B. - "ASA" means an "Algorand Standard Asset", i.e. is a layer 1 feature that allows users to represent any asset on the Algorand blockchain, in turn benefiting from the same level of security and ease of use as the native Algo.
Launched on TrustSwap in May 2021 as the first ICO of the Algorand universe, Yieldly has an ambitious roadmap that will add key elements to Algorand:
- Possibility to deposit Algo into Yieldly Pools to participate in no-loss lotteries (i.e. the gains are shared by all aprticipants). There will be one draw per week.
- Possibility to stake your Yieldly tokens and earn rewards on them (currently 222% for new holders of the Yieldly token).
Vetted by serious launchpad TrustSwap and audited by Halborn, Yieldly may well be one of the most exciting projects of 2021.
So watch out for Algorand and Yieldly prices in the coming weeks / months.
The Yieldly tokens released to early investors are partly vested - i.e. they cannot all be sold during the forthcoming end of June sales on exchanges (first on Probit and later on Uniswap). Being forced to hold these tokens for some time may not be a bad thing as the ecosystem is likely to grow in popularity...
Thrying the Algo wallet will give you an idea of how fast and cheap the transactions are with Algo... a far cry from ETH gas fees and delays...
Yieldly may end up becoming the Algorand PancakeSwap so keep an eye on this...