Algorand DeFi app Yieldy reported $8 million in TVL in the first 48 hours »CryptoNinjas
Yieldly.Finance is the first DeFi platform built on the Algorand blockchain. It was revealed today that the USD 8 million in ALGO has been pledged-in less than 2 days after the release, Yieldy ranked in the top 40 in terms of revenue TVL name.This milestone came before the cross-chain release on June 17, when users of the wider DeFi ecosystem can participate Yieldy’s lossless lottery and liquidity pool.
In addition to launching their recently audited non-custodial smart contract suite on Algorand, and using Binance Smart Chain (BSC), Polygon, and ERC20-based DeFi protocol to build cross-chain functions, Yieldly also launched a lossless lottery (NLL) for ALGO holders as their initial use case. Algorand’s first lossless lottery product gives users the opportunity to share the accumulated ALGO and YLDY rewards.
The No-loss Lottery product was launched on June 5, and partners have already seen ALGO promised between US$250,000 and US$2 million. The lottery is open until June 11, 2021. The total number of ALGO bets in the prize pool will exceed $10 million and will increase exponentially over time. Yieldly promises to match 100% of the first prize draw and contribute to an important social welfare project.
“With symbolic fees, fast transaction speed, and energy-saving design, Algorand is an ideal platform for building future-oriented DeFi solutions. Yieldly No-loss Lottery does have the potential to become the main entry platform for the entire DeFi platform. We see every week It is only a matter of time before the prize pool of more than US$1 million,” said Sebastian Quinn, founder and CEO of Yieldly.
Yieldly was established in 2020 to unlock and expand DeFi in the Algorand ecosystem. Guided by the Algorand Asia Accelerator in 2020, the Yieldly team recognizes that there is a huge opportunity to provide users with the same utility and opportunities for liquidity as other agreements.
Yieldly is supported by various venture funds, including Capital Without Borders, Longhash Capital and CMS Holdings, and received 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.
Last month, Yieldly launched its initial direct product (IDO). Within an hour, IDO’s oversubscription exceeded the expected amount by 5 times. During that time, YLDY tokens sold for $850,000-approximately 5,000 participants pledged more than $4 million.
In preparation for the release date of June 17, 2021-when Yieldly’s DeFi liquidity pool is open to the wider public-Yieldly successfully completed Halborn’s anti-hacking smart contract and blockchain audit. Halborn is a cyber security company that has conducted rigorous audits on some of the most mature blockchain companies in the industry, including Coinbase, BlockFi, Stellar, and Avalanche.
After the “carpet pull”, exit scams, and BSC-based DeFi vulnerabilities (mainly derived from unaudited or unaudited protocol smart contracts), auditing becomes particularly important.
“In order to reward early partners and community members, we have also launched groundbreaking ASA pledge and reward products ahead of time. YLDY holders can pledge their YDLY tokens and get the largest ASA reward in the market. The initial calculations were conservatively calculated. Say, APY is 28%,” Quinn said.