Algorand DeFi app Yieldy.Finance reports $8 million TVL in first 48 hours
Yieldly.Finance, the first DeFi platform built on the Algorand blockchain, today revealed that $8 million USD in ALGO has already been staked — placing Yieldy within the top 40 DeFi protocols by yield TVL in under 2 days post-launch. The milestone comes ahead of its June 17th cross-chain launch when users of the wider DeFi ecosystem can participate in Yieldy’s no-loss lottery and liquidity pools.
As well as launching their suite of recently audited non-custodial smart contracts on Algorand, and building out cross-chain capabilities with Binance Smart Chain (BSC), Polygon, and ERC20-based DeFi protocols, Yieldly has launched a No-loss Lottery (NLL) for ALGO holders as their initial use case. Algorand’s first No-loss Lottery product gives users the chance to be rewarded with a share of the cumulated ALGO & YLDY rewards.
Launched on June 5th, the No-loss Lottery product has already seen partners pledging between $250K and $2mill ALGOs, with the lottery open until June 11th, 2021. The total ALGOs staked in the prize pool is set to exceed $10m, and increase exponentially over time. Yieldly committed to matching 100% of the winnings of the first draw, as well as a contribution to an important social good project.
“With nominal fees and fast transaction speeds and energy-efficient design, Algorand is the ideal platform upon which to build a future-proof DeFi solution. The Yieldly No-loss Lottery really has the potential to become a major onboarding platform into DeFi platforms at large. It will only be a matter of time until we see a $1m+ weekly pool prize,” said founder and CEO Sebastian Quinn.
Founded in 2020, Yieldly aims to unlock and expand DeFi in the Algorand ecosystem. Bootstrapped by the Algorand Asia Accelerator in 2020, the Yieldly team recognized that immense opportunities existed to give users the same utility and access to liquidity that other protocols have.
Yieldly is backed by various venture funds, including 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.
Last month, Yieldly launched its Initial Direct Offering (IDO). Within the space of an hour, the IDO became oversubscribed by more than 5 times the anticipated volume. In that time, $850,000 in YLDY tokens were sold — with over $4 million pledged from approximately 5,000 participants.
In preparation for the June 17th, 2021 launch date — when Yieldly’s DeFi liquidity pools open to the wider public — Yieldly successfully concluded a hacker-resistant smart contract and blockchain audit by Halborn. Halborn is a cybersecurity firm that has performed rigorous audits for some of the industry’s most established blockchain businesses, including Coinbase, BlockFi, Stellar, and Avalanche.
The audit is especially significant in the wake of an increasing number of “rug pulls”, exit scams, and BSC-based DeFi exploits, primarily originating from unaudited, or improperly audited protocol smart contracts.
“To reward early partners and community members, we have also launched our ground-breaking ASA staking and rewards product early. YLDY holders can stake their YDLY tokens and earn the largest rewards for ASAs in the market. Initial calculations put this conservatively at 28% APY,” concluded Quinn.
The post Algorand DeFi app Yieldy.Finance reports $8 million TVL in first 48 hours appeared first on CryptoNinjas.