Yieldly recently reported hitting a new ATH in regards to its total value locked, currently at $125 million
The project also hit a new ATH in terms of the total amount staked for a single NFT in its no-loss prize games, which exceeded $20 million in 5 days
Another noteworthy development is its recent partnership with MEXC Global that will bring the first Algorand launchpad
Yieldly Finance, the Algorand-based project dedicated to connecting the crypto industry, has recently seen a streak of new milestones and records that show how quickly the project grows.
Yieldly Finance, the world’s first and only DeFi suite on Algorand, has been hitting some major milestones recently. According to its recent series of Twitter posts, the project seems to be advancing quite rapidly, particularly when it comes to its TVL (Total Value Locked).
The latest update says that DeFiLlama’s data has shown that Yieldly is dominating across all blockchains today, and it just broke brand new ground in terms of its TVL. The new data shows that the project hit an ATH of $125 million USD worth locked.
This milestone comes only three days after Yieldly broke its previous record of over $20 million staked for a single NFT in it’s no-loss prize games. The funds are being staked at a rapid pace in order for users to participate in the Flambo NFT — a new initiative allowing users to win staking rewards plus participate in the drawing of NFTs, where they could win major, life-changing prizes.
The so-called no-loss prize games only draw a handful of NFTs at a time, and of course, it goes without saying that the NFTs are extremely rare, and as the project says were “born from the Yieldly community telegram which has been amazingly positive and funny and just this nice little corner of the internet.”
Apart from its new milestones and NFT events, Yieldly also recently announced a partnership with MEXC Global. The two apparently teamed up to create the first fully-integrated Algorand-based launchpad in the world. Yieldly will soon announce ASA projects ready to be on-boarded for dynamic staking pools, NFT gamification, cross-chain bridges, world-class listing and investment, and more.
So far, it appears that Yieldly is doing extremely well for itself and that it is involved in everything going on on Algorand, which is a mark of a rapidly advancing project that has more than decent potential.
What is Yieldly all about?
As some may already know, Yieldly is Algorand’s first, and currently, only DeFi suite that aims to offer a variety of services, from cross-chain swapping to multi-asset staking, to no-loss prize games. Yieldly is also the first fully integrated launchpad powered by Algorand, enabling any project to wrap, bridge, farm and list their token within the ecosystem. The project’s goal is to reimagine the way value is exchanged across different chains, with its vision being to remove the current barriers that are forcing each blockchain to exist as an isolated ecosystem.
In other words, its primary goal is to create bridges that would connect these different ecosystems, accelerate growth within those ecosystems, and turn the blockchain industry as we know it today into web 3.0. Of course, it is far from being the only project working on this, but it is certainly one of the most notable ones, and its own contributions will be crucial from taking the internet to its new, decentralized form.
As for its pools and no-loss prize games, their role is to on-board promising projects and incentivise users to support those projects.. The promise of a decentralized future is a nice one, but most blockchain users are currently still in it for the current benefits, and Yieldly offers them just that, while in the background, it silently continues its work for the greater good.
The project has a few remaining goals left to be accomplished in the final quarter of this year, including building bridges to MATIC and BSC, introducing a multiple winners prize program, auto-compounding ASA staking pool, and taking its no-loss prize games to the next level. However, it already started making plans for the next year, which will see the introduction of YLDY/ALGO swaps, as well as the integration of standardized NFTs on Algorand.