Yieldly’s NEW Security Audited LP Pools are Now Live — Kicking Off With Community Token Akita
Yieldly’s multi-audited liquidity mining and staking pools (TEAL 5) are now live, kicking off with Akita Inu (AKITA) as the inaugural community token. Yieldly’s all-new LP offering is cutting-edge and designed to make the ecosystem more liquid than ever before, accelerating Algorand’s DeFi breakout. So join early, provide liquidity and get rewards like never before.
What is liquidity mining?
Liquidity mining is a DeFi strategy where users provide liquidity to a liquidity pool on a Decentralized Exchange (DEX), and receive reward from the specific liquidity pool in return. In the case of Yieldly’s LP pools, liquidity providers are rewarded with an additional token on top of the yield generated on Tinyman (Algorand’s decentralized trading protocol).
If there’s one thing to be learned in crypto, it’s that liquidity mining programs are indeed effective, putting any project not implementing them at a competitive disadvantage. Liquidity mining rewards the earliest supporters for helping bootstrap a network — making that network more valuable for everyone coming thereafter.
What makes this launch exciting?
Yieldly’s DeFi offering has undergone major upgrades thanks to our team’s TEAL 5 implementation. However, we have been truly deliberate and focused on making the LP pools user experience simple and familiar to our users regardless of those major upgrades. While the user experience may be familiar — the rewards are markedly different. Plus, enjoy real-time second by second claimable rewards.
How to use Yieldly’s secure dual pool system — starting with Akita community token
- To interact with Yieldly’s LP pool, you need LP tokens for the AKITA/ALGO pair. You can get these LP tokens by providing liquidity on Tinyman for the AKITA/ALGO pair. See Tinyman’s tutorial here.
- Stake the AKITA-ALGO LP token on Yieldly, and get rewarded in YLDY: https://app.yieldly.finance/liquidity-pools?id=511593477.
- Stake YLDY and get rewarded with the partner project’s token, such as AKITA: https://app.yieldly.finance/pools?id=511597182.
You can withdraw your staked partner and liquidity tokens at any time.
What is Akita Inu?
Founded in October 2021, the Akita Inu project is considered a premier community token — self-dubbed ‘a serious token with a friendly face’. Akita Inu says it’s on a mission to make a difference: drive adoption of and engagement with the Algorand ecosystem, create community through collaborations with various Algorand projects and creators, support digital artists through NFTs and other channels, and raise funds for animal shelters.
Next community token LP pools?
In Q1 2022, Yieldly’s governance program will launch per our roadmap, empowering the community to decide which community tokens to support. Community tokens are those issued by an individual or group.
If you are a potential partner and wish to see your project on Yieldly’s next-gen platform, please reach out to firstname.lastname@example.org.
Thank you to our blockchain security partners, Halborn and Runtime Verification, for their amazing work on the audits of this new product!
Cheers to a new year!
Providing liquidity is not without risk.
Yieldly is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Tinyman. The official Tinyman website can be found here: https://tinyman.org/.
Beware of imitators. Yieldly’s dapp provides the direct link to the relevant LP token on Tinyman.