A note from the founder #2: a hard month’s work pays off
In my previous note, I made a commitment to bring better products to Yieldly and closer collaboration across key ecosystem partners. This included plans to supercharge Total Value Locked (TVL) for Yieldly and Algorand overall, AMM partnerships for LP Pools and our Launchpad product; as well as the direction we are set to pursue after deep conversations with the likes of Borderless Capital and Algorand Foundation. In the short space since that, the team have been hard at work and have made significant inroads on some of the items mentioned then, in addition to coming up with more ideas to grow Yieldly both as a product and community. We have also onboarded a number of dedicated developer teams to work on each of our existing and upcoming products, giving us significantly more capabilities than before.
I am delighted to share today some of the key updates to our roadmap which I’ll outline below. The updated roadmap will be available next week as we work through the finer details.
I will cover the following as a prelude to the updated roadmap dropping next week:
- Reaffirmed commitment to DeFi growth
- GameFi expansion: yNFT marketplace & yLaunch
- Metaverse development
Reaffirmed commitment to DeFi growth
As mentioned, we will be focusing on integrating more AMM functionality and driving more TVL to Yieldly moving forward, re-establishing our pole position in Algorand DeFi. The discussions with AlgoFi, Humbleswap and WAGMIswap are progressing steadily and we look to share more definitive updates on this in the coming weeks. In addition, our developer team is currently tooling up for us to be able to include ASAs built on Reach in our LP staking pools.
TVL is the key focus across the ecosystem at this time. As mentioned previously — we deduced that for every $1 of YLDY rewarded via our LP token staking pools, an average of $5.30 was locked up in their respective Tinyman pools. Our commitment remains unwavering to deliver TVL across the board and we continue to engage in partnerships with key AMMs, DEXs and others partners that can leverage our tech for greater TVL.
Following our dev team refresh, we will once again be commencing staking pool launches in April. These include the remaining pledge pools, featuring ASASTATS, BOARD and Taco Coin, with others in the pipeline. The team will be announcing the pools as details get firmed up, so be sure to stay updated via the usual channels.
A critical step forward for us and our new, stronger technical team will be launching more high quality partner pool projects in the coming months. Amongst others, keep an eye out for the highly demanded NURD>NURD distribution pool!
Finally, we are in the final stages of closing out the HDL>HDL issue with the support of Headline and leading auditors, and will be updating the community with compensation plans by the end of April. We have identified the 1981 affected wallets and are essentially going to airdrop HDL and YLDY into those wallets. More details on this will follow once we have sorted through the data from affected wallets. I’d like to thank everyone for their patience on this issue.
GameFi expansion: yNFT marketplace & yLaunch
GameFi is an extension of DeFi and simply refers to dapps with economic incentives built in. The incentives typically involve tokens being granted as rewards when the user performs game-related tasks such as winning battles, mining precious resources or cultivating digital crops, in an approach commonly referred to as play-to-earn (P2E). We are taking confident steps in expanding our focus to this important vertical, with an intention to be a core pillar of what GameFi and the metaverse looks like for Algorand.
A key piece of this puzzle is the Yieldly NFT marketplace (yNFT), which is going to be the flagship, GameFi-focused marketplace and launchpad destination for NFTs on Algorand. As well as being a core product for creators and GameFi projects, it will also add further utility to YLDY by allowing for the following over time:
- Payments in YLDY allowed by creators for their NFT collection
- Burn function for a proportion of transaction fees collected in YLDY
All of these reiterate core commitment to drive further utility of YLDY for all users. Our ambassadors are going through the product as we speak and we encourage our community to ask questions of them as to how it looks and what it can do. Some of you may have seen the leaked v1.0 version a few months back, which we have been steadily improving since! We will be starting the beta launch by the end of April.
As has been promised, we will be launching P2E game Cosmic Champs as the first project on the Yieldly Launchpad (yLaunch), with the partnership focusing on staking pools (mid-April) and a long-term engagement with our yNFT marketplace. We will be making an announcement on this very soon so be sure to stay tuned.
The yNFT product is also going to be the home of the first cross-chain esports products on Algorand. We are working with our sister company Yesports to bring some of the leading esports teams over to Algorand and host their NFTs and GameFi products here. Multi-chain NFTs and GameFi products are critical pieces of the puzzle helping us to bring the next 100 million users into crypto, and we will lead the way.
I am also very excited to announce that we have finished the beta build for Algorand’s very own metaverse product. We have built the Yieldly Arena (yArena) to allow up to 2000 people at any one time hanging out with their favorite NFTs (shoutout to my current fav Eclectic Flamingos), exploring, browsing or purchasing 3D NFTs in the gallery, watching AMAs or streaming events, and really whatever else we can dream up with our community. We definitely want to lean on all of your collective creativity so reach out to us or our ambassadors in Telegram and share your thoughts. In fact, I will be asking my team to find the best suggestions and we will be giving these winners a mystery prize!
This is the first integrated metaverse product focused exclusively for Algorand. The metaverse essentially allows anyone to connect their wallet and start to build out their avatars, etc. We will host auctions, land sales, VR events, and in time build it into a hub to play games and hang out with your favorite Yieldly NFTs and community members.
The reason why we have been relatively quiet on this front was because we wanted to make sure the tech was sound and usable. We are now comfortable with the product and will have a beta version for use by the end of May. We are aiming to launch an AMM with the Cosmic Champs team in there as a first look for the community. It is very early days, but we know that these digital community spaces are important to showcase why GameFi and a metaverse makes sense for Algorand.
It is my hope and belief that these 3 pillars above will re-establish Yieldly as the leading product both in Algorand and across the DeFi and GameFi ecosystems globally.
I know that bear markets are tough. We have all witnessed that first-hand as both an Algorand community, but also as a Yieldly community. But there is an upside in that it is a necessary pain which will help us come out stronger as an ecosystem, and helps weed out those who are not in this for the long haul. It makes sure that we return to a sounder footing to build better products that matter to our users. As you can see, the coming months are going to be even bigger for all of us at Yieldly and most importantly, for our community of users.
We welcome our new tech team with greater vision. We welcome new community ambassadors and advisors, all of whom will continue to ensure that Yieldly remains the place to be for DeFi and GameFi on Algorand and the new ecosystems that Algorand connects to. As always, we look forward to providing more products that are beneficial to our users and the larger Algorand ecosystem.