Poised to be the first dynamic suite of non-custodial smart contracts on Algorand, Yieldly is launching staking contracts as well as a n o-loss prize game as their initial use cases whilst continuing to grow its DeFi platform’s cross-chain capabilities. From news across international media about the project to the first Algorand IDO on TrustSwap 21–26 May, here is why Yieldly is set to become one of the key Decentralized finance ( DeFi) platforms.
Yieldly was founded in 2020 by Sebastian Quinn , a veteran in developing blockchain and emerging technologies, having advised projects such as and Power Ledger . is the ideal protocol to build a future-proof DeFi solution, and Yieldly aims to be the first automated market maker (AMM) for Algorand.
The global DeFi ecosystem which had $700 million in December 2019 , crossed the $100 billion mark in May 2021. Critical to this growth has been the advent of automatic market makers ( AMM) on Ethereum and Binance Smart Chain.
AMMs provide a near frictionless economic allocation machine. AMMs harness the power of the free market and democratise it to anyone with an internet connection. Ultimately, AMMs remove the clunky and expensive layers of intermediaries within the financial system.
Projects and users will demand more from their DeFi ecosystems as the space evolves. AMM capabilities, attractive staking options, and healthy liquidity pools will drive new products and companies to be built within DeFi ecosystems. Cross-chain products facilitate easy pathways across protocols for users to find the best use of their digital assets.
Yieldly Built on Algorand — a Vision without Trade-Offs
Yieldly’s foundation on Algorand circumvents the Blockchain trilemma . This means more DeFi use cases on Algorand at a lower cost and greater scale than other DeFi protocols.
The upside for users is peace of mind that their stored assets are safer, faster transaction times, and lower transaction costs. This addresses a major pain point users experience on other protocols.
Yieldly’s core tech is built on the elegant and intuitive Algorand chain which overcomes the limitations of other consensus algorithms through Pure Proof of Stake — a consensus that with a majority of honest users makes “cheating by a minority of the money impossible, and cheating by a majority of the money stupid,” as stated by Algorand founder, Silvio Micali .
No Forks — Consistency and Confidence
At the protocol level, forks have caused significant price fluctuations due to uncertainties, and divisiveness within communities, resulting in split user adoption from the original network or even a mass migration. Forks have also led to the creation of copycat projects by bad actors in other ecosystems. Algorand suffers no such issues.
Algorand’s immediate transaction finality means that two blocks can never be added to the chain at once. This keeps the network secure, encourages the growth of Algorand and projects on the network, and expands the use case of Yieldly.
No-Loss Prize Game — Low Risks, High Rewards
Yieldly Pools will be the lossless prize game application of the new DeFi smart contracts. Through the blockchain, the rewards will come from the total value of the pool, rather than the face value of the asset per individual. Modeled after the Premium Savings Bonds popularised in 1950s Britain that encouraged savings whilst funding the building of a prosperous post-war Britain, Yieldly expands upon this concept to build a prosperous DeFi ecosystem.
Greater participation increases the pot, and those who don’t win get to keep their buy-in, making Yieldly Pools a low-risk, high-reward investment.
Originally published at https://yieldly.finance on May 21, 2021.
