Every transaction on yieldly costs a fraction of a cent because ALGO is superior to BSC and ETH (currently)
Yieldly offers a suite of DeFi products revolving around trading digital assets and earning investment income. Currently, it provides three products:
- Bridges – Yieldly Bridges is a mechanism that connects the Algorand ecosystem with other major blockchains, including Ethereum, Binance, and Polkadot. The product allows users of the mentioned blockchain networks to benefit from the Algorand protocol and Yieldy’s ecosystem. Initially, Yieldly offers an ERC20 bridge that connects Algorand Standard Assets (ASAs) with the ERC-20 ecosystem.
Yieldly will facilitate cross-chain staking for ASA, ERC-20, BEP-20, and other protocols. Yieldly Bridges will also act as a fiat on/off-ramp.
- Staking – Yieldly Staking is the main product enabling users to earn passive income. At the moment, users can stake YLDY – an Algorand-based token – and earn rewards in the form of YLDY and ALGO tokens.
- No-loss lotteries – So far, this is Yieldly’s flagship product, which is another staking mechanism with earning potential. Users can put their ALGO tokens to work by depositing them into the no-loss lotteries smart contracts and receiving tickets in exchange. Every week starting from June 11, Yieldly runs one no-loss lottery draw that distributes ALGO and YLDY rewards to winners. To increase the chance of winning, users are advised to enter each draw as early as possible.
Thanks to staking and no-loss lotteries, the total locked value (TVL) on Yieldly surged to over $16 million several weeks after the launch, helping the DeFi ecosystem make it to the top 40 DeFi yield protocols by TVL.
Yieldy’s products provide higher-than-average gains and, more importantly, are secure. The smart contracts have been audited by award-winning cybersecurity firm Halborn, which previously verified Coinbase, BlockFi, and Stellar, among others. According to Halborn’s report, Yieldly passed all assessment steps.