Frequently Asked Questions
Quick answers to your most frequently asked questions
Quick answers to your most frequently asked questions
Yieldly has built the world’s first DeFi products on Algorand protocol. Users can enjoy Yieldly’s No-Loss Prize Games, YLDY Staking and YLDY Cross-Chain Swapping, and trade faster, with lower fees and more security than any other protocol. Yieldly is delivering its mission to create the next-generation DeFi ecosystem; one which enables the lightest and fastest digital asset exchange accessible across all major chains.
Please join the Yieldly Telegram community; the Yieldly team and members of the community look forward to helping you understand and use Yieldly.
DeFi on the protocol that solves the blockchain trilemma. Yieldly leverages the technical superiority of Algorand, an ecosystem that achieves sustainability, security, scalability and decentralization. Yieldly has been independently audited by tier 1 cybersecurity giant, Halborn, and is backed by some of the industry’s top VCs. You can find a full list of Yieldly’s global supporters on the homepage.
Yieldly has challenged itself to lead not just in DeFi - but also corporate responsibility. Yieldly was the first DeFi company to announce its effort to go carbon neutral, achieved via carbon offset purchases. In addition, Yieldly actively supports conservation efforts across the ecosystem, including rewilding animal habitats. For information regarding Yieldly’s clear strategies and targets, read this blog post and stay tuned for upcoming announcements.
You can find Yieldly's audits here:
For proposals, partnerships or AMA invitations, please email [email protected] Yieldly would love to hear from you!
To receive your YLDY from the TrustSwap IDO, you need to opt-in to the asset. Please check this page to see if you are one of the remaining participants who still need to opt-in.
Watch this video as an introduction to Yieldly’s No-Loss Prize Game:
Yieldly uses Chainlink VRF as its tamper-proof and auditable source of ‘randomness’ for the selection of winners in the weekly No-loss Prize Game draw. Chainlink’s industry-leading decentralized oracle network creates a transparent, and fraud-proof user experience. Users have an unbiased chance of being selected as the winner of the accrued staking rewards in the pool. Yieldly leverages Chainlink VRF on Ethereum using a custom adapter, since there is currently no on-chain method within Algorand to obtain a truly random number. However, Yieldly has plans to integrate Chainlink VRF directly on Algorand in the future.
YLDY has an initial staking rewards reserve of 3,000,000,000 YLDY. After each lottery draw, 0.70% of the total amount of YLDY in the staking reserve is sent to the global rewards pool. Every 24 hours you keep your ALGO and YLDY staked, you earn the ability to claim some of the global reward pool. The actual amount a user can claim is dependent on the following six factors:
The following are the exact formulas used for YLDY rewards, which Yieldly derived from the Ampleforth Token Geyser reward. This is a tried and tested method for time based rewards. The two material differences between the Ampleforth method and the method currently implemented by Yieldly is that: firstly Ampleforth allows for time share per seconds whereas Yieldly is currently limited in TEAL to do timeshare per day; and secondly Ampleforth release rewards more regularly whereas Yieldly does it weekly (Yieldly will work to make rewards more continuous as the tech allows). The three key formulas are:
Each parameter is defined below:
If any of the six factors outlined above changes, then that will have a direct impact upon a user’s claimable rewards. This explains why the claimable rewards fluctuate. For example: As more people stake, more people are earning the ability to claim from the global reward pool. Every 24 hours, the amount of rewards you can claim in the global reward pool will fluctuate as a result. If the TVL increases, as Yieldly has been experiencing, then the amount of rewards you can claim will decrease until the next lottery period is drawn and more rewards are sent to the global rewards pool. If you wait and decide not to claim, you are accumulating a bigger proportion of the global rewards pool. This means that after the next lottery is drawn, and more YLDY is sent to the global rewards pool, you will be able to claim a larger amount of YLDY.
More on Yieldly’s rewards system here:
If you wait and decide not to claim, you are accumulating a bigger proportion of the global rewards pool. This means that after the next lottery is drawn, and more YLDY is sent to the global rewards pool, you will be able to claim a larger amount of YLDY.
Read more here.
Immediately after each weekly No-Loss Lottery draw.
The weekly No-Loss Prize Game winner has to claim the winnings, similar to how everyone who stakes has to claim their rewards. Once claimed, the transaction will be on the blockchain for all to see.
Check if you won by looking at the previous winners of each No-Loss Prize Game round here. You will be able to claim it in your dashboard on the No-Loss Prize Game site.
You can check on Algoexplorer and searching for your Algorand wallet address.
Yieldly’s weekly No-loss Lottery was developed to prevent last minute entrants from ‘gaming the system’ and taking the prize without actually contributing towards the accrued interest that makes up that prize. From a technical perspective, every lottery ticket acquired has a 7 day accrual period before it is counted in the No-loss Lottery.
To learn more about Yieldly’s time-rewards system and the No-loss Lottery in general, read here.
For information regarding Yieldly’s world-first ASA - ERC20 bridge and world-first ‘wrapped’ ASA token on Uniswap, read this blog post.
Select "Connect Wallet” (top right). Click the grey gear icon (top right of popup window), and follow the prompts. Next, select one or more of the wallets of your choosing. After that, click the wallet button (top right) and select the wallet you would like to connect to Yieldly from the side-panel that appears.
For a video tutorial on adding more than one wallet to My Algo Wallet, visit the how-to guide here.
Open Metamask. Select “New Asset” (under the “Assets” tab). Open the Custom Token tab. Enter the following details:
Ledger is working on integrating ASA applications. There has already been a developer update made on Ledger's end to support ASA transactions but it is yet to be released to the public (on their end). The moment the update is live and secure, Yieldly will announce integration.
There is a minimum amount of ALGO that needs to be left in your wallet due to opting into assets and smart contracts. You can read more about it here: https://developer.algorand.org/docs/features/asc1/stateful/#minimum-balance-requirement-for-a-smart-contract