In May 2022, Yieldly entered into an agreement to acquire WAGMIswap.io, in a deal that was subject to a detailed and important technical due diligence process. This agreement was made with yAMM in mind and you can read about that in our earlier blog. We have recently concluded a DD process with expert developers and after further discussions with Sinjin and the WAGMIswap team, it is clear that it would not be in the interest of both parties to proceed with the commercial terms of the agreement.
Understandably, this development may be disappointing for many of our community members who have been eagerly anticipating the integration of WAGMIswap.io into yAMM and into Yieldly’s expanded product offerings. The good news is that while the deal may not be moving forward, the plans to launch yAMM will progress as planned — albeit with a renewed focus.
Going forward, yAMM will be built with the help of third-party developers and will be focused on solving problems like impermanent loss by potentially incorporating single-sided staking functions. Single-sided staking allows users to reap the benefits of liquidity provision with just a single asset (as opposed to pair-based staking), and also maintain 100% exposure to that same asset.
We have already engaged a fresh team to deliver yAMM’s DEX goals and will be dedicating four new full-time developers to this task. The appropriate announcements will be made in due course. Given the developer team set-up at this juncture, we do not foresee there to be any significant delays in the yAMM launch timeline.
We wish Sinjin and his team much success going forward with their projects and are grateful for their continued support since the earliest days of Yieldly.
Yieldly remains committed to becoming the go-to destination for everything DeFi and GameFi on Algorand. As always, keep your eyes on our Twitter, Telegram Group, Announcements, and Discord for more updates!