We are thrilled to announce the upcoming launch date of staking pools on Yieldly’s platform. The first Xfinite staking pool will launch November 17th on Yieldly, where users stake to generate rewards in the form of Xfinite’s native token, XET. Through XET, and its future use cases, Xfinite aims to revolutionize digital media through innovations to customer experience, data-driven engagement and ecosystem economics.
What does the partnership entail?
The collaboration will allow Yieldly users to stake Xfinite’s eponymous native token, XET, to generate rewards. Xfinite will also supply NFTs to be distributed via Yieldly’s Prize Games , where users who stake in the Xfinite pools will also stand the chance to win rare NFTs. Akin to Yieldly’s other staking partnerships, this one seeks to foster further utility for the Algorand ecosystem and unlock liquidity for the next-generation media platform, Xfinite. With Algorand’s transactions settling in ~5 seconds and gas fees as low as $0.001 per transaction, the staking pools will leverage the green blockchain’s unparalleled speed and transaction finality.
Xfinite is a blockchain-based platform designed to re-establish trust between consumers, content creators, and publishers. Xfinite’s utility token, XET, the native currency of the Xfinite ecosystem, is listed on and . The Xfinite ecosystem helps the media and entertainment industry combat advertising fraud by increasing transparency and creating a new habit of engagement. Xfinite’s first use case is the dAPP , a video on demand (VOD) decentralized application available on iOS, Play Store and web. Mzaalo offers 12,000 movies, including Originals and Live TV.
Xfinite has established various partnerships with global corporations to drive innovation and create new use cases for blockchain technology. Recent partnerships include those with Josh, India’s largest short-video app with 115 million, Dailyhunt, which has 280 million users; SpiceJet which annually flies +60 million passengers across India; and Eros Now which has 216 million users.
Swaneet Singh, CEO, Xfinite commented on the partnership, “We look forward to opening up more avenues for our respective communities by forging this partnership. Through this collaboration we aim to fuel our ecosystem with the power of DeFi which is the underlying phenomena of a great blockchain project.”
Yieldly’s growing list of ASA staking pools
Yieldly now has staking partnerships with various ASAs, including:
The assets already onboarded into the Yieldly ecosystem offer unique use cases that add diversity, liquidity, and additional options for Yieldly users to stake and get rewards. For example, Smile Coin Network is a Web3 Project and focused on powering the gaming industry through the first-ever DeFi gaming portfolio and payment infrastructure on Algorand. Opulous is the first platform to launch music copyright contracts powered by NFTs. OPUL aims to redefine the music industry by changing the entire way artists find funding. International Blockchain Monetary Reserve (IBMR) addresses wealth distribution in South Asia through the deployment of strategic decentralised structures. They are accomplishing this with the ARCC and with its crypto-powered microfinance platform for users. AlgoGems is an NFT platform without any fees. $GEMS is a multi-purpose token used to reward creators and spotlight quality content on AlgoGems.
Yieldly is just getting started with unlocking liquidity. More developments to be announced soon! Keep an eye on our , , Telegram Announcements channel , and to stay updated on our movements!
Until then, happy ASA staking!
Originally published at https://yieldly.finance on November 8, 2021.