Yieldly Acquires WAGMIswap.io, Aims for $1bn TVL on World-Class AMM
Yieldly’s acquisition of WAGMIswap.io will see AMM functions integrated into Yieldly’s app, helping achieve its vision of being the PancakeSwap of Algorand, and more. With yAMM, Yieldly places itself at the front of the pack as the go-to destination for everything DeFi and GameFi on Algorand.
We are pleased to announce that we have entered into an agreement to acquire WAGMIswap.io, a community-driven decentralized exchange with fast settlement and low transaction fees built on Algorand, subject to financial and technical due diligence. Completion of this deal will see Automated Market Maker (AMM) functions being eventually integrated into Yieldly’s dApp, augmenting Yieldly’s product line-up to be the leading DeFi suite on Algorand.
This recent development has expanded our initial plans for AMM integration through partnerships to instead subsume a fully working product under the Yieldly umbrella.
Developed by the team behind International Blockchain Monetary Reserve (IBMR), WAGMIswap is a Decentralized Exchange (DEX) on Algorand. More specifically, it is an AMM employing smart contracts deployed to the Algorand blockchain with a web-based app as a visual interface to interact with said smart contracts. WAGMIswap has been audited by Swiss cybersecurity provider Kudelski Security.
As part of the acquisition process, Yieldly will be conducting a thorough technical due diligence, including having third party audits conducted on WAGMIswap’s code, before moving forward with the deal. Successful completion of this process will see AMM functions being vertically integrated into Yieldly, lining it up to be the PancakeSwap of Algorand, and more. Users can potentially expect to see an interface that incorporates a wallet, with built-in staking functions and an integrated AMM, alongside an NFT marketplace in what is lining up to be the most comprehensive DeFi/GameFi product on Algorand yet. Plans to allow users with existing wallets to import their wallets are also being made, much like how one can do with MetaMask.
“We are thrilled at the prospect of this acquisition because it is testament and validation to the technology and products we have built. Yieldly is a pioneer in the Algorand DeFi ecosystem and having them potentially roll-up an AMM into their host of products is an exciting prospect for the broader Algorand community,” said Sinjin Jung, founder of WAGMIswap.io.
Once the necessary steps of technical due diligence have been completed, technical integration and implementation of WAGMIswap’s code will begin. There will also be a grace period whereby the WAGMIswap developer team will continue to maintain the AMM, before it is entirely subsumed into Yieldly. The end goal of this will be a Yieldly-branded AMM (yAMM) built into the Yieldly dApp our users are so familiar with.
”This represents a big step forward in re-establishing Yieldly as the go-to destination for all things DeFi and GameFi on Algorand. We look forward to being able to deliver a more complete product for all our users and partners in the near future,” say Sebastian Quinn, founder and CEO of Yieldly.
Yieldly’s team will be taking on marketing for WAGMIswap once the deal goes through, as well as launching partnerships for liquidity providers to host pools on yAMM.