The launch brings a unique opportunity for partnerships and staking of purpose-built, multi-audited, Algorand-based smart contracts
SINGAPORE / ACCESSWIRE / September 28, 2021 / Yieldly.Finance, the first DeFi platform built atop the Algorand blockchain, today announces the launch of four new partnerships and liquidity pools with ASA-based assets: Smile Coin Network (SMILE), the Asia Reserve Currency Coin (ARCC) from the International Blockchain Monetary Reserve, Opulous (OPUL) and Xfinite (XET). Bringing together these new assets as part of Yieldly's rapidly growing staking platform will generate new inroads for liquidity and galvanize further institutional adoption for Yieldly, its partners, and the wider Algorand ecosystem.
The launch of these Algorand-based multi-asset liquidity pools, enabling greater utility for the ecosystem, follows soon after the launch of Algorand Foundation's $300m USD Fund designed to support DeFi innovation and provide liquidity incentives to the Algorand DeFi ecosystem.
The pools will enable each project to create a utility for its native tokens and enable them to distribute to Yieldly's 15k+ strong DeFi community and the much larger 10m+ Algorand community - simultaneously bootstrapping adoption and liquidity for partner projects.
The multi-asset liquidity pools will reward liquidity providers with the partner's native tokens as rewards. Users can unstake, and/or claim their rewards at any time, providing a straightforward and safe way to generate rewards.
The new assets being onboarded into the Yieldly ecosystem offer unique use cases that will add diversity, liquidity, and additional options for Yieldly users to stake and get rewards . SMILE allows gaming companies to process payments, deposits, and withdrawals in major global currencies, so players can participate from any jurisdiction. Additionally, IBMR addresses wealth distribution and the general lack of access to banking services in South Asia. They are accomplishing this with the ARCC and with its crypto-powered microfinance platform for users to earn, buy, sell, and more. Whereas, OPUL aims to redefine the music industry by changing the entire way artists find funding. The final partner is XET, an entertainment ecosystem token that aims to revolutionize digital media through innovations to customer experience, data-driven engagement and ecosystem economics for the benefit of its community.
In addition to bolstering liquidity, and expanding NFT options, Yieldly's partners can also access Yieldly's ERC-20 cross-chain interoperability bridge. This enables direct trading within the Ethereum ecosystem - further enhancing the functionality and interoperability for the overall platform.
Yieldly's liquidity pools will leverage Algorand's unparalleled speed and transaction finality. With transactions settling in ~5 seconds and gas fees as low as $0.001 per transaction, Algorand - the world's first Pure Proof of Stake (PPoS) blockchain is the greener, superior technological platform to do DeFi.
Yieldly counts numerous venture capital firms among its backers, including Borderless Capital, Longhash Capital, and CMS Holdings, with additional support from NGC Fund, Kosmos Capital, LD Capital, YBB Foundation OKEx Block Dream Ventures, Kyros Ventures, Mozaik Capital, and Kernel Ventures, and GTA ventures. Borderless Capital, which formed a fund specifically for projects built on the Algorand blockchain, supports projects that leverage Algorand technology to create value in the borderless economy.
With so many professional backers, Yieldly is well-positioned to become one of the premier projects in the DeFi sector. Teaming up with so many promising projects will be the key to unlocking adoption for Yieldly and Algorand alike.
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PR for Yieldly Finance
Yieldly is bringing the first range of DeFi products to the Algorand blockchain. From no-loss prize games and liquidity pools to cross-chain swapping and staking across ASA, ERC, BEP2-based DeFi protocols, Yieldly enables users to interact with the DeFi sector in an intuitive and low-cost way.
For more information, please visit: https://yieldly.finance/