Yieldly Partners With Algodex To Launch Three All-New Staking Options
Today, Yieldly is pleased to unveil a new addition to our family of staking pools — this time coming from Algodex and their ALGX token. Starting 16 June 2022, Yieldly will be launching three brand new staking options, allowing users to access more offerings on our platform.
Multiple Staking Options Incoming
For 120 days, there are three ways to put your tokens to work on Yieldly:
- ALGX/YLDY LP Pool: Users can stake their YLDY/ALGX LP tokens to get YLDY in return.
- YLDY → ALGX Staking Pool: Next, like with many assets supported by Yieldly, users can stake their YLDY for ALGX rewards.
- ALGX → ALGX Staking Pool: Lastly, by staking their ALGX, users can get additional ALGX.
All pools will run for 120 days at a time, and these three ALGX pools will be launching on Yieldly, commencing on 16 June 2022.
A Closer Look At Algodex
Algodex is a decentralized marketplace with the unique feature of keeping the order book completely on the Algorand blockchain itself. This is made possible by using smart contracts and escrows to hold limit orders and allows for true peer-to-peer trading of all Algorand standard assets.
When trading on the platform, Yieldly users are able to maintain control over the price they choose to transact at. The project also offers Algodex Mailbox — a token distribution dApp aimed at solving the dual problems of the bulk sending of assets and opt-in communication.
The Algodex token, ALGX, is a rewards and governance token for the platform, enabling market makers to be rewarded for the liquidity they provide.
Alexander Trefonas, the founder of Algodex, stated, “We are completely delighted to be partnering with Yieldly, allowing for the staking of Algodex tokens on the Yieldly platform. Furthermore, allowing us to provide even more rewards to our users, in addition to the ones that can already be earned on Algodex.”
Yieldly will continue to announce more liquidity partners, so stay tuned!
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