Yieldly Finance and the first DeFi on Algorand - The Cryptonomist
Yieldly.Finance is the first DeFi project built on Algorand’s blockchain and today revealed that it has crossed the $8 million ALGO staking threshold.
In addition to being based on Algorand’s blockchain, Yieldly Finance is also interoperable with Binance Smart Chain (BSC), Polygon and DeFi protocols based on the ERC20 standard.
The project’s CEO, Sebastian Quinn, explained:
“With nominal fees and fast transaction speeds and energy-efficient design, Algorand is the ideal platform upon which to build a future-proof DeFi solution. The Yieldly No-loss Lottery really has the potential to become a major on-boarding platform into DeFi platforms at large. It will only be a matter of time until we see a $1m+ weekly pool prize”.
The IDO of Yieldly Finance
The project was founded in 2020 with the aim of improving the Algorand ecosystem and can count on numerous investors such as Neo Global Capital, Kosmos Capital, LD Capital, YBB Foundation, OKEx Block Dream Ventures, Kyros Ventures, Everblu Capital, Kernel Ventures and IBMR.io.
Yieldly also recently completed an IDO that raised around $4 million in one hour from 5,000 different investors.
Next 17 June, Yieldly plans to open up the use of its liquidity pools to a wider audience, and to do this the project team has had its smart contract audited by Halborn, a well-known cybersecurity firm that has also worked with Coinbase, BlockFi, Stellar and Avalanche.
“To 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”.
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