A note from the founder: pushing Yieldly to new heights
We’re once again doubling down on the Algorand community and ecosystem with exciting new partnerships, updated TVL growth plans, and impressive team expansion.
We have come a long way in the last year as a company and community. As both grow and mature, it is only natural that Yieldly has to expand. We have reached an inflection point in our journey where it is necessary to augment our product so that it accurately articulates our vision to the market. At the same time, there is a need for us to be responsive to where the market is going, so this includes collaborating with the right partners to build better products for our users. One thing that we really want to tie down in this message is to provide an overview of where we are going as a company — a sense of directionality for everyone involved. Above all this, there is an overwhelming need to make sure that Yieldly’s company operations and growth remain sustainable. Below we’ll provide an update on some key project initiatives through the rest of this year:
- Total Value Locked (TVL) growth plans
- AMM partnerships for LP Pools & Launchpad
- Borderless Capital & Algorand Foundation endorsement
- Algorand’s choice GameFi venue
- Talent expansion and reshuffle
To provide some context for the next stage of our journey, here are some developments in 2022 which have helped shape the direction we are going.
Refreshed focus on building user-centric products that grow Yieldly in the long-term
Following a review at the end of 2021 to refocus our efforts internally, we start 2022 with a renewed vision to drive Yieldly to be a more community-focused and eventually community-run pillar of the Algorand ecosystem. As such, we are pleased to unveil some important foundational changes to get Yieldly there. One thing that we had hoped to make incredibly clear at this stage is that Yieldly remains dedicated to building products of value to the community as well as the Algorand DeFi and now GameFi ecosystems. We recently made a pledge to launch new LP partnerships through the month of February to help grow the community, pulling together these new pools in a matter of weeks. There are now 20 LP staking pools live along with almost USD $50m TVL on Yieldly — and we are focused on growing this and our wider community.
For nearly 12 months at Yieldly, we had no AMM partners to work across. We now welcome new AMM partners for our next critical stage and our renewed commitment to supercharge TVL. The next section will cover some of our activity in that aspect. Here, we have an opportunity to be more creative in fulfilling Algorand’s promise of sustainable DeFi for everyone.
Teaming up with AlgoFi, WagmiSwap, Reach and more to supercharge TVL
1. AlgoFi partnership opening doors to new product possibilities for LP Pools & Launchpad product
For those watching at home — our LP pools have had a significant impact on the Algorand community projects live right now — and we are absolutely proud of that and want to ensure that this product continues to grow and expand. LP pools are also particularly good at driving higher TVL. In fact, what we now know is that every dollar in YLDY incentivised as rewards for staking LP tokens on our platform drives an average of $5.14 in TVL for their respective pools on Tinyman. This multiplier effect is significant in our push to grow TVL across the board and helps us come closer to being a part of the overall Algorand ecosystem development — which is why we are in discussions with strategic partners to help us expand the capabilities of this product in the long-term. If history is any guide, it is prudent to focus heavily on community and interoperability across the ecosystem; this requires partnering with emerging projects. One key partner is AlgoFi (who launched late last year), with whom we are currently working to develop a product which will help us drive significant TVL through both our platforms with LP staking pools.
2. WagmiSwap partnership
WagmiSwap has been one of Yieldly’s earliest and largest supporters since the beginning. They, like a lot of the ecosystem, fly under the radar yet deliver great and necessary tech for the ecosystem — the latest addition being their WagmiSwap AMM. Like we are doing with AlgoFi, we are pleased to announce that we are working closer with their whole team to deliver LP pools to point at their AMM. In addition, their technical team will be working closer with our team to support the growth of DeFi products to drive significant mutual value to both our user groups.
3. Upcoming discussions with additional AMMs
We enjoy a strong working relationship with the Reach team, having built our NFT marketplace with their groundbreaking tech. As part of our TVL expansion plan, we look forward to doing more with the Reach ecosystem on Algorand and foresee pointing more of our tech and users to HumbleSwap, an AMM built on Reach, too.
Even more will follow from the above. We’d also like to take this as an opportunity to ask our community to tell us where else we can drive our support to. Our team is always on hand through our usual social channels to engage with you.
Algorand Foundation and Borderless Capital double down their support for Yieldy
Our recent efforts and commitment to helping the success of Algorand projects have not gone unnoticed. Which is why when we reached out to the Algorand Foundation and Borderless Capital about coming up with new exciting ideas to expand and grow Yieldly’s role within the broader Algorand ecosystem, we continued to be welcomed with open arms. Among other things, there were deep discussions on how we can augment growth in Yieldly staking pools, increase gamification of our high quality DeFi products, as well as grow TVL on Yieldly. Beyond that, we are looking to position ourselves as the LP staking destination in partnership with key ecosystem funds such as Borderless Capital and its newly announced USD $500m Fund II.
To that end, we are happy to have the endorsement of both Algorand Foundation and Borderless Capital around the possibilities for collaboration, as well as the direction in which we are heading. This includes tooling down on the ALGO prize games as we know it and developing a product that is in sync with Algorand governance rewards. We will make the announcements in due course so be sure to stay tuned.
Yieldly NFT Marketplace to become Algorand’s premium GameFi destination
In parallel to the new initiatives for supercharging TVL, we have been quietly working away with our creator community, the Reach team and numerous up-and-coming Play2Earn/Metaverse projects on Algorand. With this in mind — we are pleased to announce that we are expanding the Yieldly NFT Marketplace vision to become the cornerstone for Algorand’s GameFi realm, starting with our first major NFT partnership with Cosmic Champs.
Building upon what we have done at Yieldly with DeFi, we are expanding our offerings to replicate that success in GameFi. Our GameFi NFT Marketplace will give game developers on Algorand a foundational NFT partner to allow launching, tracking, trading of their assets to all the Algorand community. The long term goal here — shared by our community and VC partners — is to provide GameFi companies with both a Launchpad and an NFT platform for them to trade their assets. We have overcome some technical challenges and are now aiming to bring this vision to market in around 10 weeks’ time. More details to come soon.
Talent expansion and reshuffle for Yieldly as it pushes to new heights
One thing is certain — regardless of how focused teams are on delivering high value, high quality and highly innovative tech, visions will inevitably diverge. Teams grow and change through these times and the same goes for us at Yieldly. As the needs of the company began to evolve, there was a concerted effort to speed up our tech delivery and enhance our dev team with new talent better suited to deliver the types of products that we are building — talent that is absolutely dedicated to helping us get great products and initiatives out the door. The newly scaled team (which includes good people from our very own community) will have room to design Yieldly in a way that more heavily makes use of the ecosystem through collaboration, innovating outside of our core V1 products.
As the first project to launch DeFi on Algorand, we have a unique opportunity to continue to make Yieldly more scalable. In line with that, we will be welcoming a host of developers, product managers, and Algorand luminaries to our team over the coming month — as core and additional contributors. We are once again stunned by the magnitude of interest from across all aspects of the ecosystem to want to be part of the Yieldly and Algorand journey. For a start, we’d like to extend a warm Yieldly welcome to:
- Archie — one of the Founders and developers of Choice Coin who has joined as key advisor to speed up NFT Marketplace delivery.
- Internal teams from WagmiSwap to deliver more core DeFi products together.
- Our new partners at AlgoFi as we do the same in delivering core DeFi together.
- Internal teams from GoSayHello who will be joining to augment aspects of front-end and back-end development for DeFi.
- The Turkish blockchain community to deliver metaverse and GameFi teams to our NFT Platform.
- Deeper partnerships across our LP Pool Partners in the fast growing ASA ecosystem.
We also look forward to welcoming the many more teams we are in discussions with, who are excited to join our journey going forward.
We have also reshuffled leadership roles to unlock a new level of focus for Yieldly’s future. We are positive that the new roles will help both the team and individuals thrive more vibrantly. For those moving on from Yieldly — we are grateful for the support that was provided in getting us to where we are today. Without each person in the team’s support, Yieldly would not be able to boast as many world-firsts or ecosystem-firsts as it has. Together we have paved the way for Algorand DeFi and new teams are now standing on the shoulders of their hard work.
The road ahead
As we embark on this next stage, some of you may be wondering, “How does this affect the users?” Quite simply, the only thing that we can look forward to is sleeker products, expanded offerings and close collaboration with the broader Algorand ecosystem and partners. In the coming weeks, the team will be hard at work updating and delivering on the roadmap, with a view to tie in the Yieldly NFT marketplace and the Launchpad, as well as getting our Teal 5 staking contracts online. All that is left to do is to thank all our users for their continued support and patience as we transition to a new phase in the company. I have full confidence and faith in the team and our community that we will continue building and innovating.
We look forward to seeing our new team, community members, and all our partners thrive.