Yieldly’s IDO oversubscribed within 60 minutes of being opened to TrustSwap users on 21 May, 9am PST. Within 1 hour the pledged target of $850,000 was filled and within 6 hours the IDO was oversubscribed 5 times, with over $4m pledged from nearly 5000 participants.
Near costless transactions
Once the dust settled after a week’s long KYC and verification process, the $855,000 in tokens was sold to nearly 2,600 participants. In order for participants to receive their YLDY tokens, users must to the asset and have a minimum amount of ALGOs in their wallets. We recommend using My Algo wallet. The Yieldly asset ID is https://algoexplorer.io/asset/226701642 and users can also opt-in manually to other wallets supporting ASA tokens.
Today, Yieldly commenced distribution of ALGOs to 1500 IDO participants who have opted in to ensure a frictionless token distribution experience over the coming days.
Because Yieldly is built upon Algorand, the total gas cost of this distribution was less than $1.50 and took around 3 hours to complete. If the same distribution was to take place over the Ethereum network, it would cost around $30,000 in gas fees alone and could take up to 24 hours to complete.
Users who paid via ALGO, or the ASA versions of $USDT and $USDC saved nearly 2500 times the cost of gas compared to ETH. In total, nearly 20% of the pledges and corresponding sold tokens were purchased using ASA tokens. At the time of the IDO, ETH gas fees were between $25–35, whereas those using ALGO paid around 1 cent for the transaction.
After receiving their distribution, YLDY token holders will have early access to both the staking and no-loss prize game pools that Yieldly is launching in around a week’s time pending successful audit from .
Yieldly’s CEO Sebastian Quinn commented of the IDO “ receiving this overwhelmingly positive response from the community confirms that the community will continue to support top quality projects. We are excited that the market has this level of discernment and we look forward to our products going live in a few days to be enjoyed by our users. “
Scott Plowman, Managing Director of Mozaik Capital adds “ After a successful oversubscribed public launch on TrustSwap, we are excited to see Yieldly bring low cost, fast transaction Defi solutions to the space. As a long term Algorand supporter, we are excited to see the first Defi solution launch on Algorand and bring not only interest to the Algorand Network but also additional yield opportunities to Algorand holders beyond the rewards that are currently available. “
Product launch
Parties that missed out on the IDO will not be kept waiting. By June 17, Yieldly’s DeFi liquidity pools will be open to the public, giving users the chance to use Yieldly and engage on the platform. The YLDY token will also be available for purchase later this month on major exchanges including Probit.
Originally published at https://yieldly.finance on June 1, 2021.
