May 21, 2021 — Poised to be the first dynamic suite of non-custodial smart contracts on Algorand, Yieldly is launching staking contracts as well as a no-loss lottery as their initial use cases while continuing to grow its DeFi platform’s cross-chain capabilities. From news across international media about the project to the first Algorand initial DEX offering on TrustSwap from May 21 to 26, here is why Yieldly is set to become one of the key decentralized finance platforms.
Yieldly was founded in 2020 by Sebastian Quinn, a veteran blockchain and emerging technologies developer, having advised projects such as Bluzelle and Power Ledger. Algorand became the ideal protocol to build a future-proof DeFi solution, and Yieldly aims to be the first automated market maker for Algorand.
The global DeFi ecosystem, which had $700 million in December 2019, crossed the $100-billion mark as of May 2021. Critical to this growth has been the advent of the automatic market makers on Ethereum and the Binance Smart Chain.
AMMs provide a near frictionless economic allocation machine, harnessing the power of the free market and democratizing it to anyone with an internet connection. Ultimately, AMMs remove the clunky and expensive layers of intermediaries within the financial system.
Projects and users will demand more from their DeFi ecosystems as the space evolves. AMM capabilities, attractive staking options and healthy liquidity pools will drive new products and companies to be built within DeFi ecosystems. Cross-chain products facilitate easy pathways across protocols for users to find the best use of their digital assets.
Yieldly built on Algorand — A vision without trade-offs
Yieldly’s foundation on Algorand circumvents the blockchain trilemma. This means more use cases of DeFi at a lower cost and greater scale than other DeFi protocols.
The upside for users is the peace of mind that their stored assets are safer, with faster transaction times and lower transaction costs. This addresses a major pain point users experience on other protocols.
Yieldly’s core tech is built upon the elegant and intuitive Algorand chain, which breaks the limitations of other consensus algorithms through pure-proof-of-stake, a consensus that makes “cheating by a minority of the money impossible and cheating by a majority of the money stupid,” said Silvio Micali, founder of Algorand.
No forks — Consistency and confidence
At the protocol level, forks have caused significant price fluctuations due to uncertainties and divisiveness within communities, resulting in split user adoption from the original network or even a mass migration. Forks have also led to the creation of copycat projects by bad actors in other ecosystems.
Algorand’s immediate transaction finality means that two blocks can never be added to the chain at once. This keeps the network secure, encourages the growth of Algorand and projects on the network, expanding the use case of Yieldly.
No-loss lottery — Low risks, high rewards
Yieldly Pools will be the lossless lottery application of the new DeFi smart contracts. Through the blockchain, the rewards will come from the total value of the pool rather than the face value of the asset per individual. Modeled after the Premium Savings Bonds, popularized in 1950s Britain that encouraged savings while funding the building of a prosperous post-war Britain, Yieldly expands upon this concept to build a thriving DeFi ecosystem.
Greater participation increases the pot, and those who don’t win get to keep their buy-in, making Yieldly Pools a low-risk, high-reward investment.
There are plans in 2021 for Yieldly to expand the lossless lottery to other Algorand projects and external protocols and to be the de facto automated market maker for Algorand.
Yieldly — Clean and green
Sustainability is front and center of everything Yieldly does, and we proudly support the Algorand Foundation’s pledge to be the greenest blockchain with a carbon-negative network. Yieldly has aligned its business model to be net-zero and recently offset all its carbon — 50 tonnes, the equivalent of a household of 10 people. Eco-friendly technology will ensure the long-term success of the project’s roadmap.
Yieldly — Partners
Yieldly’s supporters include Borderless Capital, Longhash Capital and CMS Holdings, with additional support from Neo Global Capital, Kosmos Capital, LD Capital, YBB Foundation, OKEx Block Dream Ventures, Kyros Ventures, Everblu Capital, Kernel 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. David Garcia, CEO and founding managing partner at Borderless Capital, believes Yieldly is “developing one of the core building blocks of the Algorand FutureFI ecosystem.”
Interested parties who want to get in touch with the Yieldly team can drop a message at firstname.lastname@example.org. Join the Yieldly Telegram chat to engage with the community and get the latest updates.