A Very Welcome Update: Yieldly Optimises its Rewards Distribution for Users
Yieldly is happy to announce that YLDY rewards will now be distributed every 30 minutes (replacing the prior 7 days approach) to the Global Rewards Pool . This means you can claim more rewards every 24 hours. No more needing to set alarms and claim weekly, or worrying about seeing the notional rewards claimable fluctuate as much with the 6 factors mentioned in the previous rewards blog.
Important to note that no other aspect of the rewards is changing, other than the regularity of the tokens being distributed to the Global Rewards Pool.
Thanks to the new constant 30 minute injection of rewards, users will enjoy more consistent, seamless rewards accumulation each 30 minutes and claiming every 24 hours. Yieldly’s hope is that it will be more intuitive.
For tech heads, the other important point is that the tech is getting Yieldly closer to more dynamic functions that allow for multitasking pools, AMMs and other critical pieces of DeFi infrastructure needed on Algorand.
Where Yieldly Was
Since launching in June, Yieldly has had an exciting run growing TVL consistently, last count was just over 19M ALGO.
The 7 day rewards distribution was a necessary evil for the tech at launch; it allowed Yieldly to sync all the smart contracts simultaneously and manage a multi product launch. But Yieldly knew from the start that it was only ever going to be a v1. Yieldly needs the YLDY fam to have fast, seamless rewards. So, this iteration of the rewards contracts is v2.
Where Yieldly is Going
From 10am, 2 July 2021 (Singapore Time | GMT+8), Yieldly will be changing the rewards distribution from 0.70% of tokens distributed once every 7 days, to 0.002091% every 30 mins. While it’s the same amount of YLDY being distributed over time, the upshot for users is that the claimable amount will be constantly refreshing and going up every half hour. This will result in a better experience for stakers.
Should more users come onboard between the rewards being released and existing users claiming their rewards, new users who then stake for the required period can start to lay claim to the current claimable reward amount.
This change in the way the rewards are injected in the Global Rewards Pool means users’ claimable amount every 24 hours will generally be more than the 24 hours that came before
As always, Yieldly’s focus is on ensuring users enjoy a high quality product and top-notch UX. Yieldly welcomes all feedback, recommendations, and involvement from the community. Thank you for your continued support!
The Update Visually Explained
FAQs
What happened to last week’s staking rewards?
You have not lost any rewards. The users who staked last week have the highest reward percentage as they have the highest timeshare and are able to claim and restake at significantly higher amounts.
How should I claim from now on?
You can claim as often (once every 24 hours) or as irregularly as you like.
What happens if I don’t claim 24 hours?
You will still accumulate rewards. There is no penalty for not claiming. It’s just an added feature to let you claim and compound more regularly if you so choose.
If I don’t claim and everyone else claims every day and deplete the pool, won’t my rewards go down?
Every half hour the rewards are topped up and then each time you go to claim there are rewards there for you that are increasing with your timeshare.
Are the rewards locked in once we get them? Or do they deteriorate every day when unclaimed like before?
They get topped up every 30 minutes and are claimable ever 24 hours. The % stake in the rewards share doesn’t deteriorate.
Why did the reward system upgrade happen at this timing?
The contracts unfortunately wouldn’t let a migration like that happen because if we did that it would mean paying out 2 weeks of rewards in one week. I.e. 21M x 2. What we could do was update the parameters to allow for more frequent rewards.
The reason we updated was because the most common question we got over the last 2 weeks was a variant of “Why do my claimable rewards go down” So we updated to allow users to see the rewards more frequently.
Do you see your rewards? My next reward reset time is in like 7 hours. I see 0 to claim.
Whilst rewards are topped up every 30 minutes, you do not accumulate staking shares in the system until 24 hours has passed in your staking time. So if you have claimed rewards within the last 24 hours, it will still show 0 until your next 24 hours ticks over and you have shares of the pool!
Will we hire more people for the comms team?
Yes, we are actively pursuing this now.
* Rewards are not guaranteed to go up depending on the amount new users stake. As per the staking shares system implementation, new users who stake into the system can start to lay claim on the existing reward pool every 24 hours. The rewards made available are NOT entitled to the user until it is claimed.
Originally published at https://yieldly.finance on July 1, 2021.
