On May 19, HashFlow held the first Yieldly Chinese AMA with Sebastian, CEO of Yieldly, and John He, Co-founder of YBB Foundation. Here is the recap of the event, enjoy.
Q1: Would you please kindly introduce Yieldly to the audience with ecosystem and vision?
Sebastian: Thanks for the great question! We have built the first defi products for the Algorand protocol. Algorand is a large protocol but to date it has not had any projects build on it. We wished to see the power of DeFi (lending, borrowing, staking, etc) being able to be used on Algorand chain. We have built the staking product, the no-loss lottery product and the bridge product. We will soon build a DEX product too. We wish to be the PancakeSwap of Algorand ecosystem (but with strive to be better).
We hope over time that we will set the high standard for a DeFi project on Algorand and we will work tirelessly to bring the power of the wider DeFi ecosystems together. We think this will add tremendous value to the ecosystem and we can deliver that.
Q2: What are the long-term goals of Yieldly? And what problems will Yieldly solve?
Sebastian: Over the long term — We wish to reconceptualize value, including the way it is exchanged. We want digital value to be exchanged swiftly and simply. We wish to set the standards with which critical parts of the DeFi ecosystem transact and exchange value. We are delighted and honoured to be working with our top tier partners to bring this goal to fruition.
Our technical building blocks provide three foundational pillars to reach these goals.
- Pools: a. Staking/Rewards: Our purpose-built smart contracts enables any builder on ASA to create staking and rewards systems on top of Algorand. This allows the Algorand ecosystem to build for use cases that are booming in other Chains, including yield farming, NFT distribution, and social rewards systems. b. No-Loss Lottery: On top of the staking and rewards system, we have built out a unique and technically powerful use case. We have built the first no-loss lottery to harness Algorand’s rewards system to be aggregated and distributed to a small number of users. Akin to PankcakeSwap and PoolTogether on their respective ecosystems, Yieldly’s no-loss lottery will unlock deep liquidity on Algorand.
- Bridges: We want to make it easy for anyone on any other protocol to access Algorand and experience the benefits of the protocol and our new DeFi products. To that end, we have built an ERC20 bridge between our native token and ASA token. We will build out further bridges to expand the pathways for any ASA native token holder. This will drive new users and more liquidity to Algorand, which is critical for DeFi growth.
- Automatic Market Maker: Once we have made it easier for users to build staking and rewards systems and opened the pathways for more liquidity to flow into the Algorand ecosystem, then we will bring the ecosystem closer together, via an automatic market maker. Each of our top tier partners know this is the critical piece to elevate the Algorand ecosystem as a globally leading DeFi protocol.
These are the three key pillars we will build to create a dynamic and robust DeFi ecosystem for both Algorand and wider blockchain ecosystem.
Q3: Would you please briefly introduce the roadmap of Yieldly?
Sebastian: We are well on our way to ensuring long term success of our project’s roadmap. We have delivered a number of meaningful firsts to the ecosystem already.
We were the first to get a DeFI testnet up for DeFi on Algorand. Our DeFi testnet has been operational for some months; there, our partners have been enjoying frictionless transacting.
We were the first to announce and launch an ASA IDO, which will take place May 21 with TrustSwap Launchpad.
The next critical first is to launch our mainnet in early June, another first for DeFi. We are currently undertaking a rigorous code test, penetration test and wide-ranging digital audit. Our auditor, Halborn is a global leader in its field, and has worked on cutting edge projects such as Coinbase, Stellar and Bancor.
Following that, we will be ready for the public debut of our ground-breaking ASA staking and rewards product. This will enable users to stake ALG and YDLY tokens and earn largest rewards for Algo in the market. Our latest calculations put this conservatively at 28%APY. We will also launch Algorand’s first no-loss lottery product, which gives users the chance to be rewarded with over 100% APY each week.
Over July we will then look to deploy phase two of our product road map. We will deploy the first use case for an ASA DeFi token to be seamlessly traded between ETH and ASA ecosystems. We will use Yieldly native token to demonstrate this. It will be important step to demonstrating the solution to the cross chain problem you asked about.
Over July we will also give our users access to the first cross-chain bridge and ASA native staking pool in the ERC-20 ecosystem too.
On top of that, we will have a number of industry first partnerships to deliver on our wider mission. We have some more first with professional esports teams on the horizon too.
Q4: How will be Chinese users / developers / community be getting involved?
Sebastian: Great and important question! As mentioned on 21 May, we are giving the community the opportunity to take part in our IDO. We are launching on TrustSwap’s launchpad. If you are interested in taking part, please join our telegram chat and also check out the latest article by trustswap that was posted to see how specifically to get involved.
In addition we also welcome all ALGO holders to use our product Day 1 of launch. We would be very happy to see you all there.
Q5: Will there be any beneficial bonus for ALGO holders?
Sebastian: They will have access to the first suite of DeFi product purpose built for them. We are excited for every ALGO holder to join and use the platform day 1 and get access to better staking options that are currently available for algorand ecosystem
Q6: Here comes the question for YBB Foundation. Why made you make the decision to invest in Yieldly?
John: YBB Foundation has been dedicating itself to the comprehensive development and growth of blockchain technology and the application of blockchain. Driven by such a vision, YBB has been following the growth of mainstream blockchain ecosystems such as Algorand. Yieldly is the very first DeFi solution on Algorand, which means it will definitely improve the liquidity of ASA assets and enhance the ASA assets ecosystem marketing value. Yieldly will continuously bring extra value to the growth of the Algorand ecosystem, which matches YBB’s long-term investing pursuit.
Q7: What does it mean to YBB portfolio that Yieldly will go live soon and how will Yieldly influence YBB portfolio?
John: It’s known by the public that YBB Foundation has invested in over 100 projects in 2020. Our portfolio covers various fields including DeFi, NFT, Layer 0 chains, infrastructures, etc.
Combined with e-commerce platforms and relevant functionalities, Yieldly marks the initial and important DeFi solution on Algorand, which enriches YBB’s portfolio in DeFi and will brinig a win-win result.
Community Questions Answered by Sebastian:
What’s the core competitiveness of Yieldly? Will users earn profits from liquidity providing? by @坦克.
Thanks! The main unique point is that we are the first DeFi on Algorand and offer the most competitive rewards for ALGO and Yieldly holders who will be staking in the platform.
Why did you name your project “Yieldly”? Will Yieldly have more growth plan in other countries? by @小小
Thats a really nice question, our creative team wanted to find a simple, playful and thoughtful way to let the world know what we were doing. We are helping people do more with their digital assets on the cutting edge of technology. We think Yieldly speaks to that idea.
We are very lucky to have a great number of investors from across the world in our project. We have partners across Singapore, Korea, China, USA, EU, UK, Middle East and South America. We believe in a borderless financial world and hope to work with as many regions as we can and are allowed.
We also know that the Algorand ecosystem is very large with millions of users across the world too, we look to be everywhere they are too.
Will Yieldly support more ecosystems? Like BSC, Polkadot, etc. Is Yieldly able to complete cross-chain transactions? Will Yieldly cooperate with traditional companies? by @小鸭子.
We want to unify all the ecosystems. Our first task is to make sure we unite the biggest first — so that means ETH, BSC, Polkadot, and Polygon. Overtime we would like to have more such as AVAX and others too. Our tech team is able to build the bridges and our auditors are able to ensure they work. So its just a matter for us to pick the best ones first and grow from there.
We have some partnerships too in the real world. We would like as many people to be able to use the product as they can. We are looking to work with esports companies as a first test concept outside of the blockchain world. The fans of famous esports teams look like many crypto users — they are 18–34 and like to be early adopters of tech. Our user testing tells us these people will be good to join.
In June we will run the first ASA DeFi cross chain transaction between Yieldly’s Algorand token and then a wrapped ERC20 yieldly token.
What’s your target users and target market? by @猫猫
The first group we want to delight are people who are native to both crypto and also the Algorand ecosystem. We know there are around 10m users on Algorand that have not had many options when it comes to using DeFi products on chain. So we built these products as a ‘love letter’ to them. To let them know we understand the problems they faced and that we hope the products we built help them.
Over time we will build out the products to all ecosystems and help them solve some of the pain points that exists — e.g high gas fees for trading, or long wait times for transactions, or too many copycat projects.
As for Esports — that is professional sports teams who’s athelete compete at international tournaments playing video games. At last count there are around 500m people in the world who play video games or watch esports each month. These users are early adopters of technology and usual fit the same age demographic as blockchain users.
How will Yieldly earn profits by itself? How to attract more investors and users? by @PD
One of our favorite questions to answer, as its very simple. We will stake our tokens in the platform :). Our team has a long history in blockchain and we wanted a way to use our ALGO tokens, so we build the product.
As for investors or partners, we are very lucky to have many famous and successful VC partners working closely with us. For example YBB Foundation, Kernel Ventures, NGC Ventures, LD Capital, Borderless Capital, CMS, Kosmos Capital, Longhash Ventures, Kyros capital to name a few. Each of our partners is working hard in the background to help us succeed in our mission.
What’s the main difference Yieldly own compared with the projects of the same kind? How do Yieldly protect normal users / non-institutional players? by @从心开始
We have some natural advantages by being built on Algorand. We have fast transactions at a low costs, we also allow users to stake and earn without the need for the assets to leave the platform. For example if you staked on pooltogether, then they deposit the assets into a 3rd party smart contract which is more risk to users.
On top of that we are working with the best auditors in the business to thoroughly test our smart contracts. Our Auditor has worked on projects such as coinbse, bancor and others. We also will look to ensure that we are rigorously testing and preparing our product to be the best it can be.
How do Yieldly project user assets? Is there any tackle plan for hackers or attacks? by @小伟
Great question and thats a constant threat for all projects on this space. I mentioned the Auditor. We also have the same firm conducting penetration testing on all aspects of the product to make sure there are no security vulnerabilities. We also take all the same precautions of large software companies. In tandem to this we ware working with the Algorand foundations tech team who are also reviewing and testing as well.
Do we have to hold SWAP to participate in the IDO? Why does Yieldly design bonus related to SWAP? btw, is there any bug bounty to submit bugs? by @咯儿咙咯儿哩咯儿哩
Thanks! Let me answer each question there in turn. For the IDO we had to work with a 3rd party, as there is no natural DEX on Algorand (yet) and no launchpad for projects on Algorand (yet). So we worked with TrustSwap who has a good reputation for launching new projects on new chains. For example they worked to launch some of the first projects launched on AVAX (Avalanche).
We don’t have any say in how their particiaption system works. They have designed it to suit the trustswap community needs. We chose them because they could help with our vision to bring new ecosystem to Algorand.
This answer also answers part of the second question around the bonus structure for SWAP, we didn’t have much of a say there, it was designed to suit the ETH users of Trustswap. So we trust them to deliver a product that works for their users and also works for our vision. We think it is a good solution and hope you agree.
At the moment we don’t have any specific bug bounty lined up. We will certainly evaluate that and see if it make sense. At anytime we welcome feedback on the product via email hello@yieldly.finance.
Does the feature of ASA assets help Yieldly to build the decentralized e-commerce platform where users can purchase first and pay later? How does Yieldly assure the security of assets while payments happen?
by Community Manager of Props @孔维国 | Props
The idea of a decentralized e-commerce platform was one of the first use cases we wanted to see build in the DeFi space
It’s one of the problems that we want to solve as its something that directly impacts so many users our there and there is a great technical solution that blockchain can solve here. However for us to get a world where this type of product can exist in Algorand, we need to build some foundational technology first.
This means, we needed to first build smart contract that can pool assets and distribute out automatically and safely. It also means we needed smart contracts that allows 3rd parties to create lending/borrowing into real world as well.
We are now well on our way to building the tech that can underpin this type of usecase. The next steps involve going through a process with other entrepreneurs to see who can build our regulated products on top of our tech that would satisfy a traditional merchant to accept digital assets as security etc.
We can see this world starting to be more of a reality and we will keep building and working until we can see these types of products working.
Will there be any community incentives? like programs or other more YDLY bonuses. by @AllenXia
Thanks! We would like to use all the tools possible to make our platform appealing to people. The first thing we did was make sure that the product itself worked and that the rewards/APY were market leading. We also have built out a plant for market with communities in different ecosystems to bring them over. On top of that we will be looking at ways to reward the early adopters and keep the product relevant and useful. Please keep checking in with telegram and twitter to see our latest developments!
