TrustSwap, a full-service digital asset services platform, has begun hosting the IDO for the launch of Yieldly, a DeFi solution built on top of the Algorand blockchain.
Yieldly’s bridge product and AMM/DEX aim to open up the Algorand ecosystem up to many use-cases. This includes yield farming, NFT distribution, and social reward systems. Their partners include Borderless Capital, Longhash Capital, and CMS Holdings.
The Yieldly DeFi Ecosystem Comprises Four Foundational Pillars
- Yieldly’s purpose-built smart contracts enable developers of ASA tokens (Algorand Standard Assets comparable to ERC-20 on Ethereum) to easily create staking and rewards systems on top of Algorand.
- Yieldly has built the first no-loss lottery designed to harness Algorand’s rewards system and 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.
- Yieldly wants to make it easy for anyone to access Algorand and experience the many benefits of the DeFi protocol. To that end, Yieldly has built a token bridge between the Ethereum and ASA tokens. Yieldly will build out further bridges to expand the pathways for any ASA native token holder.
- Lastly, once the smart contracts enable users to build staking and rewards systems and open the pathways for more liquidity to flow into the Algorand ecosystem; Yieldly will unite the ecosystem via an automatic market maker (otherwise known as a Decentralized Exchange or DEX).
Trading/Holding Funds on the Algorand Network
To trade on the Algorand network and access Yieldly’s YLDY tokens, one will need an Algorand wallet funded with ALGO for transaction fees.
Yieldly investors can hold their YLDY tokens inside MyAlgoWallet, the official wallet for Yieldly.
MyAlgoWallet is an Algorand blockchain wallet offering automatic ALGO staking and holds private key access to YLDY and other ASA (Algorand Standard Assets, comparable to ERC-20 on Ethereum) tokens.
Sending funds across Algorand is extremely cheap. Accordingly, the fee for a simple smart contract function such as ‘send funds’ is around 0.001 ALGO.
Due to Algorand’s transaction throughput of over 1000 transactions per second with a block time of only 5 seconds; the transaction gets confirmed near instantly on the AlgoExplorer.
The Algorand blockchain offers users immediate transaction finality. Also, unlike prior implementations based on Proof-of-Work, Algorand requires only a negligible amount of computation; plus generates a transaction history that will not ‘fork’ with overwhelmingly high probability (one in a trillion).