Algorand’s MyALGOWallet Provides Auto-Staking For Rewards & ASA Token | Yieldly Bridges to Ethereum For NFT Distribution

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Blockchain platform and digital currency at the same time, Algorand (ALGO) is designed to process many transactions quickly, similar to major payments processors like Mastercard or Visa. Algorithm holders of Yieldly can stake their assets and have the opportunity to earn disproportionate rewards. Yieldly is the world’s first DeFi staking protocol built for Algorand.

Their partners include Borderless Capital, Longhash Capital, and CMS Holdings. The Algorand blockchain offers users immediate finality. Also, unlike prior implementations based on Proof-of-Work, Algorand requires only a negligible amount of computation; plus generates a transaction history that will not ‘fork’ with overwhelmingly high probability (one in a trillion).

TrustSwap, a full-service digital asset platform, has begun hosting the IDO for Yieldly, a DeFi platform built on the Algorand blockchain. Yieldly’s bridge product and AMM/DEX open the Algorand ecosystem to a wide range of use-cases. Examples include yield farming, NFT distribution, and social reward systems.

The Yieldly DeFi Ecosystem Comprises Four Foundational Pillars

  1. By using Yieldly’s purpose-built smart contracts, developers of ASA tokens (Algorand Standard Assets, equivalent to ERC-20 on Ethereum) can easily build staking and rewards systems on top of Algorand
  2. Yieldly built the first no-loss lottery that uses Algorand’s rewards system to aggregate rewards and distribute them to users. Yieldly’s no-loss lottery will unlock deep liquidity on Algorand, similar to PankcakeSwap and PoolTogether on their respective ecosystems.
  3. Yieldly wants to make it easy for anyone to use Algorand and enjoy its many benefits. Yieldly has built a token bridge between Ethereum and ASA to accomplish this. In order to make ASA native token holders’ pathways as broad as possible, Yieldly will build more bridges.
  4. In addition to enabling users to build staking and reward systems and opening pathways for more liquidity to flow into the Algorand ecosystem with smart contracts, Yieldly will unite the ecosystem with a market maker (also known as a decentralized exchange or DEX).
  5. automatic market maker (otherwise known as a Decentralized Exchange or DEX).

Algorand’s high throughput confirms ALGO transactions instantly

Algorand wallets funded with ALGO for transaction fees are required to trade on Algorand and access Yieldly’s YLDY tokens. MyAlgoWallet, Yieldly’s official wallet, allows investors to store their YLDY tokens. MyAlgoWallet is an Algorand blockchain wallet providing automatic ALGO staking, and allows access to YLDY and other ASA tokens (Algorand Standard Assets, similar to ERC-20 on Ethereum).

The cost of sending funds across Algorand is extremely low. The fee for a simple smart contract function such as ‘send funds’ is around 0.001 ALGO. Algorithm Explorer confirms the transaction nearly instantly due to Algorand’s transaction throughput of over 1000 transactions per second with a block time of only 5 seconds.

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