APAC –Yieldly stands out as an undeniably promising project from the inaugural batch of the Longhash x Algorand Accelerator, having raised USD $1.4 million at a 20 million fully diluted token value.
A report by the World Economic Forum projects that up to 10% of global GDP will be stored on blockchains by 2025. Decentralized finance (DeFi) has been at the forefront of the cryptocurrency movement. The ecosystem which had USD $700 million in December 2019 grew to a staggering USD $40 billion in February of 2021. Confidence in the DeFi movement has resulted in USD $120 billion in trading volume on decentralized exchanges (DEXes) in January and February of 2021 – a figure that has surpassed the trading volume in all the previous years combined.
Yieldly was founded in 2020 by Sebastian Quinn, a veteran in developing blockchain and emerging technologies, having advised projects such as Bluzelle and Power Ledger. Algorand became the protocol of choice to build a future proof DeFi solution, and Yieldly aims to be the first automated market maker (AMM) for the protocol.
The Algorand protocol was founded by MIT professor and recipient of the prestigious Turing Award for computer science, Professor Silvio Micali who has been instrumental in the cryptocurrency scene. Algorand has been coined by many as “Blockchain 3.0” due to its Pure Proof of Stake (PPoS) approach for security, and implementation of a forkless network. These features circumvent the limitations of other protocols, allowing Yieldly to achieve scalability, security, and decentralization without compromise.
Yieldly Pools will be Yieldly’s initial use case, it features a no-loss lottery that allows holders of Algorand and projects on the protocol to participate through different prize pools. Yieldly Pools’ no-loss lottery gamifies the saving and holding of these coins. Payouts increase with the size of the participants, and participants will stand a chance to win the prize pool while those who don’t keep their buy-in to participate in other rounds.
Chief operating officer of one of the funds supporting Yieldly, Longhash Ventures, Shi Khai Wei, has faith in Yieldly’s development stating that “Yieldly is building key components of DeFi on Algorand, and is clear-sighted on their inclusive cross chain vision. We enjoyed working with the team during the Algorand Asia Accelerator and look forward to advancing together.”
The idea has garnered interest from multiple core investors such as Borderless Capital, Longhash Ventures, and CMS Holdings. Other additional investors include OKEX’s Block Dream Fund, Neo Global Capital, Kosmos Capital, LD Capital, Kernel Ventures, and IBMR.io.
Sebastian believes that the proliferation of Yieldly and its continued development will be fuelled by the various projects on the Algorand protocol that aim to solve complex challenges across multiple industries.
“We are delighted to be building this integral piece of DeFi architecture for the Algorand Ecosystem. We know what competitor projects like PancakeSwap have done for ecosystems like Binance. We have learned from this and our first and best-in-class contracts will allow for staking, lending, and no-loss lottery to exist on Algorand. Furthermore, our cross chain bridge will unlock the power of other protocols for all Yieldly holders.” Says Sebastian.
Yieldly will be investing its funding to continue building the best-in-class suite of smart contracts for DeFi on Algorand while expanding its power to unlock other protocols through the development of bespoke cross chain bridges. The Yieldly team looks forward to working with numerous existing partners to reach its first major milestone of $1 Billion in total value locked on the platform, with aggressive growth anticipated to follow thereafter as more capital flows to Algorand and the wider DeFi space.
Yieldly is an exciting new project on the Algorand protocol that offers a suite of DeFi apps that democratize liquidity.