Yieldly launches its first Liquidity Provider (LP) pools on Algorand next week, finishing off the year with a bang. Better yet, this critical piece of DeFi functionality is now fully audited and approved by elite award-winning blockchain cybersecurity firm, Halborn. Yieldly’s LP pools will add a missing piece to the ecosystem’s DeFi puzzle. Thus cementing Yieldly’s commitment to scaling DeFi and revolutionising the way people conceptualise value on Algorand.
Before we dive into how Yieldly’s LP pools work, first an overview of Halborn’s security audit.
Halborn Audit Now Complete
Security is the number one priority for Yieldly. At a time when we are (once again) launching disruptive DeFi on Algorand for users being priced out by other networks, it’s more important than ever to engage an external party to rigorously test that tech. In addition to having Runtime Verification audit Yieldly’s TEAL 5 multi-token staking codebase (read last week’s audit blog), Yieldly also engaged Halborn.
Halborn conducted a security assessment of Yieldly’s TEAL 5 multi-token staking smart contracts. Their objectives were as follows:
- Ensure that the smart contracts function as intended
- Identify potential security issues with the smart contracts
Security Audit Outcome
When assessing the likelihood of a security incident occurring and its likely impact, Halborn used a rating system of 1 to 5, with 1 being the least concern, and 5 being the highest level of security risk. Testament to the Yieldly team’s technical excellence, Halborn found:
- 0 Critical Findings
- 0 High Priority Findings
- 1 Medium Priority Finding (subsequently solved by Yieldly)
- 0 Low Priority Findings
- 4 Informational Comments
This stellar outcome is an important milestone in Yieldly’s LP launch plans. It gives us even more confidence as we continue to deliver on an already aggressively tech-forward roadmap.
Halborn’s full audit report of Yieldly’s multi-token staking contracts is now published in Halborn’s Public Report repository on GitHub. Halborn also completed an audit of Yieldly’s compound staking contracts — more details on that coming soon. But the important thing to note is that TEAL 5 is here. Our roadmap has been met. Stay tuned for a new Yieldly Developer Series — a technical deep dive — coming soon on our TEAL 5 products.
How Yieldly’s LP pools work
Yieldly’s LP pools are designed to create a positive feedback loop, whereby liquidity providers are rewarded with an additional token on top of the yield generated on Tinyman. If you’re familiar with Sushiswap or Syrup Pools, then the flywheel for liquidity mining will be clear. Our LP pools will be similar to those popular platforms, except leveraging Algorand’s scalable, sustainable base of operations, near-instantaneous transaction times and nominal fees.
Yieldly’s LP pools will be structured as a dual pool system:
- The first pool is a general staking pool where users can stake $YLDY and are rewarded with the token of the project (which the project will provide).
- The second pool is a liquidity mining pool where users stake the project’s liquidity token and are rewarded in $YLDY (which we will provide).
Both pools will launch concurrently on our platform for a period of either 30 or 60 days.
Our dual pool system will give partner ASA (Algorand Standard Asset) projects the option of pairing their token on the chain with either ALGO or our native $YLDY token. This is truly exciting. These LP pairs will make Yieldly ($YLDY) the most stable baseline for other tokens. On top of that, new projects needing access to liquidity will now have it — all thanks to Yieldly. Our TEAL 5 LP pools are set to boost liquidity and encourage other ASA projects to join our platform.
Yieldly is indeed home to the highest rewards on Algorand. Our LP pools are a major step forward for the Algorand community and we are excited to bring it to you all. We will kickstart our LP pools with a first community coin, AKITA, before the end of year.
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