Algorand’s First Token Launch Blazes A Trail For DeFi!
Building on its efforts to expand the DeFi universe, Yieldly is partnering with TrustSwap to launch its YLDY token on May 21st, 2021 at 9:00 AM PST.
An Historic Event!
This will be the first-ever token offering on the Algorand Network! This article includes a step-by-step guide on how to participate in this offering so please read carefully if you are interested in taking part.
Getting To Know Yieldly
Yieldly has undertaken extensive user testing to identify and address the pain points experienced by both Algorand platform users and DeFi users. Yieldly’s staking and no-loss lottery solution will unlock greater liquidity and token utility to create a pathway for future projects to develop upon the Algorand blockchain. As explained by one of its partners, CMS Holdings, its bridge products and AMM/DEX are expected to “open the door to a broader multi-chain universe through its cross-chain compatibility”. Their top-tier partners share a vision of Yieldly becoming a Top-10 product in the DeFi space.
The Yieldly DeFi ecosystem is comprised of four foundational pillars:
1. Staking and Rewards: Yieldly’s purpose-built smart contracts enable developers of ASA tokens (“Algorand Standard Assets” comparable to ERC20 on Ethereum) to easily create staking and rewards systems on top of Algorand. This opens up the Algorand ecosystem for many use cases that are currently booming on other blockchains such as yield farming, NFT distribution, and social rewards systems.
2. No-Loss Lottery/Liquidity Pools: Yieldly has built the first no-loss lottery designed to harness Algorand’s rewards system, aggregate rewards, and distribute them to users. Akin to PankcakeSwap and PoolTogether on their respective ecosystems, Yieldly’s no-loss lottery will unlock deep liquidity on Algorand.
3. Cross-chain Token Bridges: Yieldly wants to make it easy for anyone to access Algorand and experience the many benefits of DeFi. To that end, Yieldly will release a cross-chain token bridge in June that will allow swapping of ASA YLDY for ERC-20 YLDY. Yieldly will build out further bridges to expand the pathways for any ASA native token holder. This will drive new users and more liquidity to Algorand.
4. Automated Market Maker (AMM): After the smart contracts enable users to build staking and rewards systems and open pathways for more liquidity to flow into the Algorand Network, Yieldly will unite the ecosystem via an automatic market maker (otherwise known as a Decentralized Exchange or DEX). This component has the potential to elevate Algorand to achieve mass adoption as a leading DeFi protocol.
The Yieldly Vision
Yieldly wants to help people re-conceptualize value and the way it is exchanged. Yieldly believes digital value should be exchanged swiftly, simply, and safely and are working to set the industry standards by which people will transact interact with blockchain technology.
Meet The Core Team
The $YLDY Token
The Yieldly staking platform will offer several options for staking YLDY, ALGO and other ASA tokens. Users can stake YLDY to earn more YLDY and ALGO. They can also stake ALGO to earn more YLDY and have a chance of winning a weekly lottery prize.
30% of the total YLDY supply has been set aside to reward those who stake on the platform. At the start of each week, 0.75% of the total amount of YLDY in the staking reserve will be distributed to users staking ALGO in the no-loss lottery and users staking YLDY in the ASA staking pools. The annual percentage yield (APY) is dynamic and constantly changing based on how much ALGO is in the no-loss lottery, how much YLDY is in the ASA staking pools, and the price of YLDY.
Staking YLDY helps ensure the longevity of the project and offers exclusive opportunities to participate in various platform incentives.
YLDY is also intended to be Algorand’s first governance token. Many aspects of the future development and structure of the Yieldly platform will be directly guided by YLDY token holders. This may include decisions such as which other ASA tokens to offer in the pools or the reward allocations and rates for the no-loss lottery.
Yieldly Liquidity Token Offering Details
Yieldly’s IDO will be executed by leveraging the TrustSwap Launchpad. Staking can commence for use of YLDY in the Yieldly suite of apps upon the successful conclusion of the audit and YLDY token offering.
The YLDY token will be available to trade on Probit exchange in the first week of June (pending their successful technical integration with Algorand Chain). Over May and June, Yieldly will work with partners to expand trading options with plans to include other centralized exchanges as well as the forthcoming Algorand DEX. Yieldly plans to have the ERC20/ASA token bridge ready in June so that YLDY can also be traded on Uniswap.
Secure Launch Process
To ensure a smooth launch, Yieldly has already:
1) Secured the website with SSL certificates
2) Had the domain protected by Cloudflare and implemented secure VPNs to be conformant to best practice Guidelines
3) Performed penetration testing and PCI ASV Scanning
1) Disclose the vesting schedule of all tokens, including team, strategic investors, private presale, influencers, etc.
2) Provide the timeline for token distributions and distribute tokens within one hour of the agreed upon time.
3) Have at least one community moderator on each social platform (Discord, Telegram, etc.) actively available 24 hours a day for the first 7 days following the launch on Uniswap.
Participation and Allocation
Anyone is eligible to apply for participation in the $YLDY token offering granted they meet jurisdictional restrictions. However, application does not guarantee an allocation.
If the $YLDY token offering becomes over-subscribed (due to pledges exceeding the $855,000 hard cap), priority allocations will be given to the TrustSwap community as follows:
To check your SwapScore, ranking, and other staking stats, login to the TrustSwap Dashboard.
NOTE: An active stake as of 9 am PST on May 21st, 2021 is required to be eligible for an allocation based on “Staked Swap” tiers.
1. Prior to participation in the Yieldly token offering, you will need to create an Algorand wallet so that this address can be provided during the application process. Applications that do not include a valid Algorand wallet address will be denied. The recommended wallet is MyAlgoWallet which includes Ledger support and will be best suited for use with the Yieldly platform. To set up a new Algorand wallet, please follow the instructions provided here.
2. On May 21st, 2021 between 9:00 AM and 9:00 PM PST, go to https://dashboard.trustswap.org/app/launchpads to provide the required details and upload your KYC documents.
**NOTE** If your KYC has already been approved in Sekuritance’s System, you do not have to upload ID card, Selfie, or Proof of Residence documents, as they are already stored in the system
3. If you have not previously been approved with the KYC provider, Sekuritance, please have the following documents handy as you will be asked for them:
● Proof of identity (Passport, Drivers License, or Government-issued ID card) including clear, complete photos of both the front and back of the ID card (or both the front cover and photo page of the Passport).
● Selfie with the proof of identity document and a note reading “Yieldly May 2021”
4. After twelve hours, the portal will close. There will be a waiting period of up to 48 hours as the Yieldly team finalizes internal processes.
5. Approved participants will be contacted via email and the TrustSwap Dashboard Messaging System (log in with your registered wallet to see your messages) with allocation details and payment instructions. You will have 24 hours to send the funds. Note: This message will include important details and additional steps required to receive tokens so be sure to read it carefully.
6. 30% of tokens will unlock on TGE and the rest will be airdropped directly to wallets monthly over the 6 month vesting period (no claiming needed).
What Should I Do to Prepare for the Offering?
- Based on the requirements set for a guaranteed allocation, stake
your $SWAP tokens here before the deadline mentioned above.
- Create an Algorand Wallet to receive your YLDY tokens (See Step 1. above)
- Submit your details and documents at any point during the 12 hour window at https://dashboard.trustswap.org/app/launchpads.
Learn More About Yieldly
To learn more about Yieldly, click the links below:
Who Can Participate in the YLDY Token Offering?
Anyone not domiciled in the USA, Australia, or UN sanctioned countries can participate in the Yieldly token sale.
*The eligible countries list is selected by Yieldly. If your country is not listed, this does not mean you are ineligible for future TrustSwap Launchpad projects.
** Launchpad dates are subject to change. This is not an endorsement, partnership or an offer for investment by TrustSwap. Yieldly is using the TrustSwap Launchpad as a customer, with specific requests as to how they need their launch to operate. TrustSwap is a provider of non-custodial, smart-contract-based software services. Digital assets carry a high level of risk. Participation is performed at your own risk. Exercise caution and conduct your own due diligence.