The merger and acquisition will create a branded AMM built into the Yieldly platform, solidifying the platform as the go-to destination for all things DeFi and GameFi on Algorand
SINGAPORE / ACCESSWIRE / May 13, 2022 / Yieldly, the first decentralized finance (DeFi) ecosystem built on the Algorand blockchain, today announces the merger and acquisition of WAGMIswap - an Algorand-based, community-driven decentralized exchange with fast settlement and low transaction fees. The acquisition, and subsequent integration, will expand Yieldly's product suite, cementing its position as the number one DeFi ecosystem on the Algorand blockchain.
Completion of the WAGMIswap integration will see Automated Market Maker (AMM) functions added to the platform, giving Yieldly customers a comprehensive suite of earning initiatives. Users can expect an overhauled interfaceincorporating a bespoke wallet with built-in staking functions and an integrated AMM alongside an NFT marketplace.
Yieldly will conduct thorough technical due diligence as part of the acquisition process, including third-party audits executed on WAGMIswap's code.
"We are thrilled at the prospect of this acquisition. It stands as a testament and validation to the technology and products we have built. Yieldly is a pioneer in the Algorand DeFi ecosystem, and having them roll up an AMM into their host of products is an exciting prospect for the broader Algorand community," said Sinjin Jung, founder of WAGMIswap.io.
From its December 2021 launch, WagmiSwap saw steady growth as the first multichain reserve-backed decentralized exchange (RDEX). The exchange witnessed $40 million in trading volume in its first week alone, with its AMM allowing any combination of available token pairs to be swapped. Trading fees flowed into the treasury and to liquidity providers on the platform. The early success of WagmiSwap, along with its AMM functionality, was a key factor in Yieldly's acquisition.
Yieldly is already a driving force behind innovation on Alogrand, delivering the network's first project launchpad; liquidity mining pools; no-loss prize games; multi-asset staking, and a pioneering cross-chain bridge solution connecting the Alogrand ecosystem to other blockchain networks.
Sebastian Quinn, CEO of Yieldly, said, "This represents a significant step forward in re-establishing Yieldly as the go-to destination for all things DeFi and GameFi on Algorand. We look forward to being able to deliver a more complete product for all our users and partners in the near future."
Yieldly continues to work closely with both the Algorand Foundation and 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.
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Yieldly is forging a seamless, borderless, and interconnected DeFi ecosystem on the Algorand protocol. Its mission is to empower users to exchange digital value without the friction, cost, or security risks that other blockchains expose users to. Yieldly is backed by some of the top investors in the blockchain space because they believe Yieldly's product suite, which includes a no-loss lottery, staking and bridge products and eventually an AMM/DEX, will all open the door to a broader multi-chain universe through our cross-chain compatibility.
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