Algorand DeFi app Yieldy reported $8 million in TVL in the first 48 hours »CryptoNinjas
Yieldly, Algorand’s DeFi platform, announced today that the total value lock (TVL) in the agreement reached USD 8 million worth of ALGO in just two days after its release. This milestone places Yieldy in the top 40 DeFi agreements in the TVL yield list.This was done before the cross-chain launch on June 17; when users of the wider DeFi ecosystem can participate Yieldy’s lossless lottery and liquidity pool.
Yieldly was established in 2020 to unlock and expand DeFi in the Algorand ecosystem. 2020 will be led by Algorand Asia Accelerator; the Yieldly team recognizes that there is a huge opportunity to provide users with the same practicality and liquidity as other protocols.
Last month, Yieldly Launched its initial direct product (IDO), Oversubscribed more than 5 times.
Yieldly has also received support from 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, Kernel Ventures and IBMR.io.
The first loss-free lottery was opened from June 5th to June 11th, and partners promised to conduct ALGO between USD 250,000 and USD 2 million. At present, the ALGO pledged in the pool has a trend of over 10 million US dollars; it also matches the initial prize of 100% with Yieldy.
“With iconic fees, fast transaction speed, and energy-saving design; Algorand is an ideal platform for building future-oriented DeFi solutions. Yieldly lossless lottery does have the potential to become the main entry platform for the entire DeFi platform. We see more than every week The prize pool of $1 million is only a matter of time,” said Sebastian Quinn, founder and CEO of Yieldly.
“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.
Prepares its liquidity pool to be opened to the wider public on June 17, 2021; Yieldly successfully completed the strict smart contract and blockchain audit performed by the network security company Halborn.
After more and more “carpet pull”, exit scams, and BSC-based DeFi vulnerabilities, auditing is of great significance; mainly from unaudited; or protocol smart contracts that have not been properly audited.