Frequently Asked Questions

Quick answers to your most frequently asked questions

What is Yieldly?

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. 

Read the ‘Get to know Yieldly’ blog as a helpful introduction to the protocol, and see Yieldly’s roadmap for the ‘big picture’.

Why 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.

How can I learn more about Yieldly?

Follow Yieldly’s various social channels to get latest updates:

Has Yieldly gone live and how can I track Yieldly’s roadmap?
Yes, it has! Yieldly’s first products (No-Loss Prize Games, YLDY Staking and YLDY Cross-Chain Swapping) went live in June 2021. Yieldly welcomes you to interact with them across the platform. More products and features coming soon! Yieldly's Roadmap
Q1 2021
Longhash x Algorand Asia Accelerator
Successful private round with top VCS
Q2 2021
Successful smart contract audits by Halborn
No-Loss Prize Game (TEAL 3)
Chainlink VRF integration
ASA Staking Pool (TEAL 3)
ASA - ERC20 Bridge (TEAL 3)
First ASA to launch UniSwap pool
First IDO on Algorand (oversubscribed)
YLDY listed on MEXC Global
Carbon neutrality goal set
Biggest Airdrop in Algorand history (16m YLDY)
First ASA project to partner with Esports
First 20,000,000+ ALGO staked
First 200,000+ transactions
Q3 2021
Dynamic, near instantaneous staking
Partner ASA Staking Pools (auto-compounding for same token pools) (TEAL 4)
NFT Prizes
ALGO purchase on App
Expanded ASA - ERC20 Bridge (TEAL 4)
Partner ASA - ERC20 Bridge (TEAL 4)
Q4 2021
No-Loss Prize Game (TEAL 4)
Auto-compounding ASA Staking Pool (TEAL 4)
Multiple Winners Prize Program
YLDY - MATIC Bridge (TEAL 4)
YLDY - BSC Bridge (TEAL 4)
Q1 2022
Integrate standardised NFTs on Algorand
What are Yieldly’s corporate responsibility efforts?

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.

Who can I contact about an idea, proposal, partnership, etc.?

For proposals, partnerships or AMA invitations, please email [email protected] Yieldly would love to hear from you!

What is the YLDY token address?

You can find the ASA YLDY token here and the ERC20 YLDY token here.

Why haven’t I received my YLDY from the TrustSwap IDO?

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. 

How do I use Yieldly’s products?

Check out Yieldly’s Resource Centre for video how-to guides on its suite of products. Alternatively, read Yieldly’s product-specific blog content.

How does Yieldly’s No-Loss Prize Game work?

Watch this video as an introduction to Yieldly’s No-Loss Prize Game:

How do I know that the No-Loss Prize Game winner is truly selected at random?

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.

How are rewards calculated?

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: 

  1. how many YLDY a user has staked; 
  2. how long a user has staked for;
  3. the total amount of YLDY other people have staked;
  4. how long other users in the pool have staked for;
  5. the amount of rewards already claimed in the global rewards pool; and
  6. how often people are claiming and restaking tokens.

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:

  • Rewards Claimable For User = (User Staking Shares / Global Staking Shares) * Total Reward Unlocked
  • Global Staking Shares = ((Current Block Timestamp – Global Time) /Time Period) * Global Amount. 
  • User Staking Shares = ((Current Block Timestamp – User Time) /Time Period) * User Amount

Each parameter is defined below:

  • Global Staking Shares: Total amount of shares accumulated from all users inside the pool.
  • Global Time: Time since the user has either staked, withdrawn or claimed.
  • Global Amount: How much everyone in the pool has staked and withdrawn. 
  • Total Rewards Unlocked: Claimable YLDY from the lottery and staking pools. 
  • User Staking Shares: Each user’s personal staking shares in the pool (requires a full 24 hours passed to update). 
  • User Time: Time since the user has either staked, withdrawn or claimed. 
  • User Amount: Net amount the user has staked and withdrawn. 

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:

Do I need to claim my rewards everyday?

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.

What time does the rewards pool get an injection?

Immediately after each weekly No-Loss Lottery draw.

Where is the transaction that shows the winner receiving the weekly No-Loss Prize?

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.

How do I know if I won the weekly No-Loss Prize Game?

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. 

Where can I check when I staked?

You can check on Algoexplorer and searching for your Algorand wallet address. 

Does staking ALGO earn you YLDY, or do I have to purchase YLDY?

Staking ALGO in the No-Loss Lottery rewards you with both YLDY, and tickets for the next draw, provided that your ALGO will remain staked for 7 days. To learn more, read this blog on Yieldly’s No-Loss Lottery, and this blog on the rewards system.

What is the benefit of staking early rather than at the last minute?

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.

How can I use the Yieldly bridge?

To reap the benefits of interoperability, visit Yieldly’s Resource Centre for video tutorials. Alternatively, read this blog post.

Where can I read more about Yieldly’s ASA - ERC20 Bridge and Uniswap pool?

For information regarding Yieldly’s world-first ASA - ERC20 bridge and world-first ‘wrapped’ ASA token on Uniswap, read this blog post.

How can I change between wallets?

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.

How do I add YLDY to Metamask?

Open Metamask. Select “New Asset” (under the “Assets” tab). Open the Custom Token tab. Enter the following details:

  • Token Contract Address: 0x88cb253d4C8caB8CDF7948A9251Db85a13669E23
  • Token Symbol: YLDY
  • Decimal Places: 18
When will I able to use Ledger Nano X with MyAlgo wallet?

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.

Why can't I withdraw / use all of the ALGO in my wallet?

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

I have more questions…

Feel free to join the platform’s active community telegram, email [email protected], or check out Yieldly’s Resources Centre.