Yieldly Levels-up Xfinite Partnership With New Liquidity Pool — January 27
Yieldly is delighted to announce the second addition to its multi-audited liquidity pools — an evolution of its Xfinite (XET) staking partnership to feature TEAL 5 LP pool (previously only TEAL 3 staking). Get ready for next-generation XET/YLDY LP staking launching on Yieldly tomorrow — January 27. Notably, both Yieldly and Xfinite contributed US$100k in value to the XET/YLDY LP pool on Tinyman, reflecting the mutual commitment to making the launch a success for the Algorand ecosystem.
Why does the switch matter?
To refresh your memory, Yieldly and Xfinite entered into a staking partnership last year, launching TEAL 3 staking pools (still live) on Yieldly’s platform. This time around, the partnership comes with the benefit of liquidity mining. In short, LP staking (TEAL 5) running concurrently to the general staking (TEAL 3).
Staking refers to the act of pledging a fixed sum of crypto as collateral for a blockchain network that uses the Proof of Stake (PoS) consensus algorithm — akin to how miners validate transactions on native PoS (Proof of Stake) blockchains. Liquidity mining, meanwhile, allows users to supply liquidity to a network, with the participant’s crypto-assets being contributed to a liquidity pool for cryptocurrency trading. As a reward, liquidity providers are allocated a cut of the trading fees in the form of a protocol token (in this case, Yieldly’s native token, YLDY).
About the forthcoming Xfinite LP pool launch
Beginning Thursday 27 January, users will be able to stake their Xfinite (XET)/Yieldly (YLDY) pair to generate rewards in the form of YLDY. This setup is designed to help complement the already existing Xfinite staking pools (TEAL 3) available on Yieldly.
By fostering liquidity in this way, Yieldly aims to become a crucial staging platform for various Algorand Standard Assets (ASA) to thrive. What truly sets us apart, however, is the fact that our reward distribution program allows users to access the highest DeFi rewards across the fledgling Algorand ecosystem.
About Xfinite
Xfinite is a blockchain-centric media platform that seeks to re-establish the trust that has been lost amongst today’s consumers, content creators, and publishers due to increasing centralization. By using a novel viewer-based reward system, Xfinite is looking to help the media and entertainment industries tackle the growing problem of advertising fraud — via both the maximization of data transparency and by assisting in the development of new engagement habits worldwide.
Since making its way into the market, Xfinite has gone on to forge several valuable partnerships with mainstream entities across the globe, bringing the power of decentralized ledgers to companies like Dailyhunt, a news aggregator service that currently boasts of an active user base of more than 280 million individuals; SpiceJet, an airline flying over sixty million passengers across the globe on an annual basis, amongst many others.
About Yieldly’s TEAL5 smart contracts
Yieldly’s multi-audited TEAL 5 contracts provide users with an entire host of tangible benefits — starting with their ability to make multi-token, liquidity token, and auto-compounding staking with second-by-second rewards possible.
TEAL 5 ensures that it is easier to deploy newer security features should more in-depth checks be required for different functions. These contracts also possess the ability to construct and execute their own ASA asset or Algo transactions (from within the contract itself), allowing for highly secure withdrawal transactions.
Lastly, TEAL5 lays a stronger focus on business logic while being smaller in size when compared to previous contract iterations, all while offering devs more complex logic possibilities and improved user flow.
Yieldly will soon announce more liquidity partners; keep an eye out via our socials:
Plus, if you are an ASA looking to partner with us, email us at hello@yieldly.finance
