Yieldly Launches First Multi-Asset Liquidity Pools on Algorand
Yieldly is delighted to announce the next crucial building block in Algorand’s DeFi ecosystem — the launch of new partnerships and liquidity pools with the four largest Algorand Standard Assets (ASAs): Xfinite (XET), Smile Coin Network (SMILE), the Asia Reserve Currency Coin (ARCC) from the International Blockchain Monetary Reserve, and Opulous (OPUL). These exciting new projects each have their own unique use cases. Their pools will bring additional liquidity and encourage institutional growth for Yieldly and the Algorand ecosystem that powers it.
What this means for Yieldly, Algorand, and you
The unveiling of these multi-asset liquidity pools stands to foster greater utility for both Yieldly and the broader Algorand ecosystem and provides projects the ability to garner better user adoption and liquidity by distributing their tokens to the community. In turn, this will render a channel for even more projects to develop on Algorand, further expanding Yieldly’s utility. The partnerships will enable projects to distribute their native tokens to the 15k+ Yieldly DeFi community and much larger 10m+ Algorand community. The benefits to the users are that anybody can stake in these pools and generate rewards.
The launch of Yieldly’s new liquidity pools, enabling greater utility for the ecosystem, follows soon after the launch of Algorand Foundation’s $300m USD Fund designed to support DeFi innovation and provide liquidity incentives to the Algorand DeFi ecosystem.
Yieldly’s liquidity pools will launch as follows: Opulous liquidity pool to launch 27 September EDT, Smile Coin liquidity pool to launch 30 September EDT (1 October AEST), followed by Xfinite in mid October and then IBMR’s pool.
The rewards generated from Yieldly’s multi-asset liquidity pools will mainly depend on the size of the stake and how long a user stakes. Anybody in the pool has the freedom to stake, unstake or claim their rewards at any time — making for a great way to get rewards, all while also supporting the growth and adoption of both Algorand and Yieldly!
The new partner tokens (and what they do)
Smile Coin Network (SMILE)
SMILE aims to decentralize gaming by enabling users to view, manage, and track their gaming activity on an open, public infrastructure. The blockchain-based network will create a decentralized platform for gamers to manage and control the use of their gaming data and leverage AI-tools to optimize performance. Their offerings will also include streamlined financing for gaming companies and alternatives for payment processing allows gaming companies to process payments, deposits, and withdrawals in major global currencies, so players can participate from any jurisdiction.
Asia Reserve Currency Coin (ARCC)
ARCC is the token being used by the International Blockchain Monetary Reserve. IBMR’s mission is to break the cycle of poverty, exploitation, and wealth disparity in failing emerging markets through the decentralized network effects of blockchain technology, focused on Southeast Asia. So many in Southeast Asia lack access to banking services, and the distribution of resources is by no means even. This platform attempts to create a system and token that can be used by those left behind by the legacy financial market.
Opulous is seeking to redefine the music industry by changing the entire way artists find funding. It is the first platform of its kind to launch music copyright contracts powered by NFTs. Unlike most NFTs out there, Opulous tokens offer holders a portion of the underlying musical copyright. That means these groundbreaking NFTs will generate monthly royalty rewards and increase in value as an artist’s career progresses. This offers artists a chance to have more artistic freedom than ever before and gives fans an opportunity to support independent artists in ways beyond merely buying their music.
Xfinite Entertainment Token (XET)
XET is an entertainment ecosystem token that aims to revolutionize digital media through innovations to customer experience, data driven engagement and ecosystem economics for the benefit of its community. It is a technology enabled solution to ensure transparency and re-establish trust in the digital world. Xfinite has launched Mzaalo which is a gamified video on demand platform available on iOS, Google Play store and Web. Mzaalo provides free access to premium content, user rewards and a range of fun and interactive features.
Why Yieldly and Algorand are destined for DeFi
These partnerships come among a flood of DeFi opportunities out there. So what — outside of the aforementioned unique use cases — should drive users onto Yieldly over other offerings? Well, the answer comes from both the underlying power of the Algorand blockchain as well as a variety of other benefits that Yieldly itself has to offer.
For one, Algorand is faster, cheaper, and more scalable than virtually all of the competition, making it a logical choice for building a DeFi ecosystem. Then there’s Yieldly itself. Yieldly’s smart contracts have already been fully audited (twice). Once by cybersecurity firm Halborn and again by Runtime verification (passed with flying colors on both occasions, by the way).
In addition to bolstering liquidity, and expanding NFT options, Yieldly’s partners can also access Yieldly Bridges. For example, Yieldly’s ERC20 cross-chain interoperability bridge links Algorand to Ethereum, which facilitates the flow of liquidity on and off-chain and adds flexibility for DeFi participants — enabling an easy means to compound rewards made via Yieldly.
For all of these reasons and more, Yieldly is set to become a thriving market for DeFi and a crucial staging platform for ASA-based assets and projects. Teaming up with so many promising projects will be the key to unlocking adoption for Yieldly and Algorand alike. Big things coming.
Originally published at https://yieldly.finance on September 27, 2021.