What is Yieldly Finance (YLDY) | What is Yieldly Finance token | What is YLDY token

In this article, we’ll discuss information about the Yieldly Finance project and YLDY token

Yieldly is bringing DeFi to Algorand. Yieldly wants to help people re-conceptualize value and the way it is exchanged. Yieldly believes digital value should be exchanged swiftly, simply, and safely and is working to set the industry standards by which people will transact interact with blockchain technology. The Yieldly DeFi ecosystem is comprised of four foundational pillars built on the Algorand blockchain.

First, Yieldly’s purpose-built smart contracts enable developers of ASA tokens (“Algorand Standard Assets” comparable to ERC20 on Ethereum) to easily create staking and rewards systems on top of Algorand. This opens up the Algorand ecosystem for many use cases that are currently booming on other blockchains such as yield farming, NFT distribution, and social rewards systems.

Next, Yieldly has built the first no-loss lottery designed to harness Algorand’s rewards system, aggregate rewards, and distribute them to users. Akin to PankcakeSwap and PoolTogether on their respective ecosystems, Yieldly’s no-loss lottery will unlock deep liquidity on Algorand.

Third, Yieldly wants to make it easy for anyone to access Algorand and experience the many benefits of DeFi. To that end, Yieldly will release a cross-chain token bridge in June that will allow swapping of ASA YLDY for ERC-20 YLDY.

Finally, Yieldly will build out further bridges to expand the pathways for any ASA native token holder. This will drive new users and more liquidity to Algorand. After the smart contracts enable users to build staking and rewards systems and open pathways for more liquidity to flow into the Algorand Network, Yieldly will unite the ecosystem via an automatic market maker (otherwise known as a Decentralized Exchange or DEX). This component has the potential to elevate Algorand to achieve mass adoption as a leading DeFi protocol.

Our Vision for Cross-Chain Liquidity

We are reconceptualizing value, including the way it is exchanged. In our vision, the community will exchange their digital assets swiftly and simply.

We are taking our first step towards connecting the blockchain universe by bringing DeFi to Algorand. Why Algorand? Because it allows users to trade faster, with lower fees and more security than any other protocol.

Very soon, we will give users the ability to dive into user-generated liquidity pools for a chance to win in the no-loss lottery, or stake ALGO/YLDY tokens and receive higher rewards.

The Yieldly DeFi ecosystem is comprised of four foundational pillars:

1. Staking and Rewards: Yieldly’s purpose-built smart contracts enable developers of ASA tokens (“Algorand Standard Assets” comparable to ERC20 on Ethereum) to easily create staking and rewards systems on top of Algorand. This opens up the Algorand ecosystem for many use cases that are currently booming on other blockchains such as yield farming, NFT distribution, and social rewards systems.

2. No-Loss Lottery/Liquidity Pools: Yieldly has built the first no-loss lottery designed to harness Algorand’s rewards system, aggregate rewards, and distribute them to users. Akin to PankcakeSwap and PoolTogether on their respective ecosystems, Yieldly’s no-loss lottery will unlock deep liquidity on Algorand.

**3. Cross-chain Token Bridges: **Yieldly wants to make it easy for anyone to access Algorand and experience the many benefits of DeFi. To that end, Yieldly will release a cross-chain token bridge in June that will allow swapping of ASA YLDY for ERC-20 YLDY. Yieldly will build out further bridges to expand the pathways for any ASA native token holder. This will drive new users and more liquidity to Algorand.

**4. Automated Market Maker (AMM): **After the smart contracts enable users to build staking and rewards systems and open pathways for more liquidity to flow into the Algorand Network, Yieldly will unite the ecosystem via an automatic market maker (otherwise known as a Decentralized Exchange or DEX). This component has the potential to elevate Algorand to achieve mass adoption as a leading DeFi protocol.

The Yieldly Vision

Yieldly wants to help people re-conceptualize value and the way it is exchanged. Yieldly believes digital value should be exchanged swiftly, simply, and safely and are working to set the industry standards by which people will transact interact with blockchain technology.

The $YLDY Token

Staking

The Yieldly staking platform will offer several options for staking YLDY, ALGO and other ASA tokens. Users can stake YLDY to earn more YLDY and ALGO. They can also stake ALGO to earn more YLDY and have a chance of winning a weekly lottery prize.

30% of the total YLDY supply has been set aside to reward those who stake on the platform. At the start of each week, 0.75% of the total amount of YLDY in the staking reserve will be distributed to users staking ALGO in the no-loss lottery and users staking YLDY in the ASA staking pools. The annual percentage yield (APY) is dynamic and constantly changing based on how much ALGO is in the no-loss lottery, how much YLDY is in the ASA staking pools, and the price of YLDY.

Staking YLDY helps ensure the longevity of the project and offers exclusive opportunities to participate in various platform incentives.

Governance

YLDY is also intended to be Algorand’s first governance token. Many aspects of the future development and structure of the Yieldly platform will be directly guided by YLDY token holders. This may include decisions such as which other ASA tokens to offer in the pools or the reward allocations and rates for the no-loss lottery.

Yieldly Liquidity Token Offering Details

Yieldly’s IDO will be executed by leveraging the TrustSwap Launchpad. Staking can commence for use of YLDY in the Yieldly suite of apps upon the successful conclusion of the audit and YLDY token offering.

Exchange Listings

The YLDY token will be available to trade on Probit exchange in the first week of June (pending their successful technical integration with Algorand Chain). Over May and June, Yieldly will work with partners to expand trading options with plans to include other centralized exchanges as well as the forthcoming Algorand DEX. Yieldly plans to have the ERC20/ASA token bridge ready in June so that YLDY can also be traded on Uniswap.

Tokenomics

Token Offering

Secure Launch Process

To ensure a smooth launch, Yieldly has already:

  1. Secured the website with SSL certificates

  2. Had the domain protected by Cloudflare and implemented secure VPNs to be conformant to best practice Guidelines

  3. Performed penetration testing and PCI ASV Scanning

And will:

  1. Disclose the vesting schedule of all tokens, including team, strategic investors, private presale, influencers, etc.

  2. Provide the timeline for token distributions and distribute tokens within one hour of the agreed upon time.

  3. Have at least one community moderator on each social platform (Discord, Telegram, etc.) actively available 24 hours a day for the first 7 days following the launch on Uniswap.

Participation and Allocation

Anyone is eligible to apply for participation in the $YLDY token offering granted they meet jurisdictional restrictions. However, application does _not _guarantee an allocation.

If the $YLDY token offering becomes over-subscribed (due to pledges exceeding the $855,000 hard cap), priority allocations will be given to the TrustSwap community as follows:

To check your SwapScore, ranking, and other staking stats, login to the TrustSwap Dashboard.

NOTE: An active stake as of 9 am PST on May 21st, 2021 is required to be eligible for an allocation based on “Staked Swap” tiers.

Step-By-Step Guide

1. Prior to participation in the Yieldly token offering, you will need to create an Algorand wallet so that this address can be provided during the application process. Applications that do not include a valid Algorand wallet address will be denied. The recommended wallet is MyAlgoWallet which includes Ledger support and will be best suited for use with the Yieldly platform. To set up a new Algorand wallet, please follow the instructions provided here.

2. On May 21st, 2021 between 9:00 AM and 9:00 PM PST, go to  https://dashboard.trustswap.org/app/launchpads to provide the required details and upload your KYC documents.

NOTE If your KYC has already been approved in Sekuritance’s System, you do not have to upload ID card, Selfie, or Proof of Residence documents, as they are already stored in the system

3. If you have not previously been approved with the KYC provider, Sekuritance, please have the following documents handy as you will be asked for them:

● Proof of identity (Passport, Drivers License, or Government-issued ID card) including clear, complete photos of both the front and back of the ID card (or both the front cover and photo page of the Passport).

● Selfie with the proof of identity document and a note reading “Yieldly May 2021”

4. After twelve hours, the portal will close. There will be a waiting period of up to 48 hours as the Yieldly team finalizes internal processes.

5. Approved participants will be contacted via email and the  TrustSwap Dashboard Messaging System (log in with your registered wallet to see your messages) with allocation details and payment instructions. You will have 24 hours to send the funds. Note: This message will include important details and additional steps required to receive tokens so be sure to read it carefully.

6. 30% of tokens will unlock on TGE and the rest will be airdropped directly to wallets monthly over the 6 month vesting period (no claiming needed).

How and Where to Buy YLDY token?

YLDY token is now live on the Ethereum mainnet. The token address for YLDY is 0x88cb253d4c8cab8cdf7948a9251db85a13669e23. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps

What is Metamask wallet | How to Create a wallet and Use

Transfer $ETH to your new Metamask wallet from your existing wallet

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy, Swap YLDY token

Contract: 0x88cb253d4c8cab8cdf7948a9251db85a13669e23

Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap

The top exchange for trading in YLDY token is currently Uniswap (V2) and 1inch Exchange

Find more information YLDY

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What is Yieldly Finance (YLDY) | What is Yieldly Finance token | What is YLDY token