Yieldly enters into MoU with Sigma Labs to bolster DeFi build capabilities
We are proud to announce that we have entered into an MoU with the team from Sigma Labs to help build out a host of DeFi products for Yieldly, including yLaunch, DEX functionalities, and ongoing smart contract maintenance for Yieldly. Sigma Labs (also known as Boson Labs) is a next-gen R&D organisation that builds Web3-based advanced stablecoin protocols, Single-Side AMM and DeFi solutions. Sigma Labs comprises over 30+ pyTEAL and Solidity developers with a collective 15+ decades of IT experience, some of whom have served at several Fortune 500 companies.
As part of the agreement, both teams will be sharing code repositories to fast-track the building of numerous products in the Yieldly pipeline. Aside from that, the Sigma team will also be responsible for maintaining and building staking contracts for the current Yieldly products. For a start, Sigma will be deploying a KYC-enabled yLaunch, enabling users to stake their YLDY to gain access to yLaunch projects.
“This partnership is a testament to the track record of open source and white label products our team has built and their value to the broader DeFi ecosystem on Algorand. We are well-placed to hit the ground running with Yieldly and are pleased to have joined Algorand’s critical DeFi cornerstone project,” said Sigma Labs co-founder, Arjun Kondur.
Sigma Labs has an established portfolio of projects under its belt. Most notably, they are behind ELEMENT, the first next-generation Enterprise Grade CBDC and DeFi platform aiming to connect DeFi markets and the traditional banking economy on Algorand. Awarded a significant development grant by Algorand Foundation to develop the protocol, ELEMENT designed a new stablecoin paradigm to remedy several pitfalls associated with the so-called ‘Stablecoin trilemma’ problem by innovating a new kind of capital-efficient Fractional protocol, incorporating several DeFi 2.0 resilient game theory economics together called TAU Protocol.
Aside from winning the top prize in the innovation category at Whub.io’s Sustainable Future Economy Algorand Hackathon in Asia in November 2021, ELEMENT is also ranked one of the Top 100 emerging startups in the US by eMerge and one of the Top 16 next-generation fintech companies by TampaBay in the banking sector.
“Sigma Labs is the unsung hero of the Algorand ecosystem, having built numerous key pieces of technology such as launchpads and stablecoin protocols. We welcome the chance to build more key technology infrastructure for the Algorand ecosystem together and expand the utility of YLDY,” said Yieldly CEO, Sebastian Quinn