Weekly Update: No-Loss Prize-Game a Huge Success, Audit Shows Yieldly Code is Airtight
This week has frankly been huge for Yieldly, so we wanted to keep all of our followers up to date on the latest exciting developments as we work to develop a new standard for DeFi experiences. From the success of our products to the veracity of our code, we have nothing but positive news to report, so let’s get to it.
Staking and No-Loss Prize Game Have Been Huge Successes
First and foremost, it seems that bringing both our staking services as well as our No-Loss Prize Game onto the Algorand blockchain has paid off. Yieldly had already made it into the list of top 40 DeFi yield protocols , with a Total Value Locked (TVL) approaching $10 million at the time of writing!
This explosive growth has been fueled by the hype around our aforementioned No-Loss Prize Game product. Officially launched as of June 5th, the No-Loss Prize Game has already seen partners pledging between $250,000 and $1 million ALGOs, and the staking period will remain open through to June 11th when the first winner will be drawn. The total ALGOs staked in the prize pool has already exceeded $10 million, and we at Yieldly have committed to an industry-first contribution by matching and donating 100% of the winnings of the first draw to an important social good project.
It is expected that our No-Loss Prize Game will continue to act as a powerful incentive for onboarding new users onto the platform, as the prize pool should continue to grow from expanding interest, as well as additional lotteries being added in time. As founder and CEO Sebastian Quinn has said:
“With nominal fees, fast transaction speeds and energy-efficient design, Algorand is the ideal platform upon which to build a future-proof DeFi solution. The Yieldly No-Loss Prize Game really has the potential to become a major onboarding platform into the DeFi ecosystem at large.”
Token distribution goes off without a hitch
Following our oversubscribed IDO, which saw over $4m pledged in under 6 hours, Yiedly successfully distributed 1 billion YLDY tokens to our partners & IDO participants on June 4.
Because Yieldly is built upon Algorand, the total gas cost of this distribution was less than $1.50 and only took 3 hours to complete. This is in stark contrast to the Ethereum network, where a similar token drop would cost around $30,000 in gas fees and could take more than a day to complete. Despite the nominal gas fees, some user wallets didn’t provide enough ALGO to cover distribution. To make sure that all participants received their YLDY, we sent over some additional ALGO to cover gas fees.
While we were feeling generous, we also decided to hand out a few extra ALGOs, so that all IDO participants could engage in the No-Loss Prize Game soft launch. Don’t say we never treat you…
Audit Results All Positive
This news alone is fantastic, but it gets even better. On May 8th, Yieldly enlisted the services of Halborn to perform an audit on its native smart contracts. The analysis team, consisting of three data cybersecurity engineers, was given two weeks to finalise the results. The process was carried out in several phases and used specialised tools throughout the entirety of the audit. The architecture and purpose of the platform was analysed, and the system’s manual code was subsequently tested for its functionality. A further assessment of the contract’s logic, connectivity and functions was carried out in order to determine if there were any underlying vulnerabilities.
Well, the results are in. Fortunately for our users, the team found that Yieldly in fact utilises the “best possible practices” for securing their smart contract ecosystem. What’s more, it turns out that every one of our staking and prize game contracts passed with flying colours across all 11 criteria evaluated! This should bring confidence to all of our existing users that their funds are safe and being used properly, and it also stands to be a powerful incentive to attract new users. This news is especially fantastic in anticipation of the launching of Yieldly’s public launch coming soon on June 17th.
Thanks To Our Financial Supporters
All of this is made possible because of the power of all of our backers. Yieldly proudly counts numerous venture capitals among its supporters, including Borderless Capital, Longhash Capital and CMS Holdings, with additional support from Neo Global Capital, Kosmos Capital, LD Capital, YBB Foundation, OKEx Block Dream Ventures, Kyros Ventures, Kernel Ventures, GMT Capital, Mozaik Capital and IBMR.io.
Because of their faith in us, we are able to continue to develop and deliver the premier DeFi experience for the next wave of decentralized banking. As Emma Cui, CEO of LongHash Ventures has so appropriately explained:
“The future of DeFi is undoubtedly cross-chain and amidst the various chains, Algorand can be an important contributor with its fast transactions and low costs. We look forward to seeing users access more options for a seamless DeFi experience.”
Originally published at https://yieldly.finance on June 9, 2021.
