What Is Yieldly (YLDY)?

Yieldly is a borderless and integrated DeFi platform developed by Algorand. The platform aims to enable crypto users to exchange cryptocurrency without any inefficiency, friction, or paying any gas fees. The users pay gas fees to compensate for the energy used for executing and validating transactions on the blockchain. 

The Yieldly platform enables Aglorand standard asset (ASA) projects to access liquidity and users, assist in developing, and help adoption. The platform built a set of DeFi smart contracts for Algorand that lets users pool, stake, and swap assets. Smart contracts are just like regular contracts, but instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. 

Yieldly developed a cross-chain bridge solution that aims to allow all Algorand standard asset (ASA) tokens to flow between protocols. ASA tokens are a type of standard asset used on the Algorand Protocol. The cross-chain bridge seeks to lower costs and enable instant token swaps between platforms. YDLY is the native token of the Yieldly platform. 

Furthermore, the platform seeks to offer the following products:

• Liquidity Mining - Liquidity mining allows users to use their LP tokens and stake them on Yieldly. Liquidity mining rewards supporters or the platform by making the platform more valuable for them to use. Users seek to receive YDLY tokens as rewards for liquidity mining and receive additional tokens on top of the designated amount. 

• Multi-Asset Staking - The feature allows ASA tokens to be staked into ASA smart contracts. Users can stake their ALGO tokens (the native token of Algorand) and withdraw them at any time. The first pool allows users to stake their YDLY token and aim to receive rewards in both YDLY and ALGO tokens. 

• Cross-Chain Swapping - Yieldly’s bridge enables users to swap assets among different blockchains. Yieldly connects Algorand to Ethereum and vice versa. The bridge aims to include all ASA tokens in the future and expand to other ecosystems. 

• ALGO No-Loss Prize Game - The No-Loss prize game allows users to stake their ALGO tokens and aim to receive YDLY tokens and other weekly prizes. 

• NFT No-Loss Prize Game - The game allows users to stake their YDLY tokens in the staking pool to qualify for participation. After users have staked their tokens, they aim to accrue additional YDLY and ALGO tokens and become eligible to receive NFTs weekly. 

History of Yieldly

Yieldly was founded by Sebastian Quinn, Simon Giles, and Aron Turner. Quinn is currently the CEO of the platform, whereas Giles is the head of the product, and Turner is the CTO. Some of the team members include Kristy Bayley (COO), Oleksandr Rybalko (technical cofounder and lead solution architect), Nina Stammbach (operations manager), Dmitry Serdyuk (technical cofounder and lead frontend engineer), and Kristopher Perry (frontend developer).