The Yieldly User Experience, Defi On Algorand

By Justin Horneker | CrytoRunner | 17 Nov 2021


Defi can be intimidating, staking, swapping, bridging... thees can all be intimidating terms if you aren't familiar with the defi space.

My experience with Yieldly was demystifying in a way that removed the barrier to entry that sometimes comes with that typical defi experience. 

Yieldly is the first real attempt at defi on the Algorand blockchain since recent updates made smart contract capability possible. For that first attempt, Yieldly does a great job of carrying on the Algorand ethos.

Ease of use, and extremely fast but still no nonsense or excess frills.

Logging onto Yieldly is easy, just connect your MyAlgo or official Algorand wallet and you are set.

Side note, it's important to use on of these 2 wallets as Yieldly will ask you to sign each transaction... and you really should have Algorand in an official wallet for staking and governance purposes anyway.

From there you will most likely explore the 'No Loss Algorand Prize Game' - this is where you stake your Algo for raffle tickets toward a bigger Algorand prize (estimated to be 26,351 Algos for this cycle) while collecting Yieldly tokens every day you are staked. There also is a sense of calm involved as you can unstake your Algo and return back to your wallet anytime without penalty. This process is also lightning fast, something that can't be said for other defi projects.

Yieldly starts to be fun when you accumulate tokens for staking. 

Yieldly's staking options

Yieldly offers some great options from the Algorand ecosystem; Gems are an up and coming NFT option, Smile Coin is aiming to usurp the traditional gaming industry and Opulous aims to give artists and musicians more control and flexibility with how they earn from their work.

The best way to use Yieldly is to check back weekly, claim your rewards and either send them back to your Aglo wallet or stake them back into the ecosystem. Every coin that you can earn by staking your Yieldly also has a separate liquidity pool with higher APYs.

It truly is phenomenal how easy it is to use Yieldly and transfer between the app and your wallet - the power of the Algorand blockchain on full display.

Yieldly also plans to add bridges from Algo to the other major blockchains, as well as the ability to purchase Algos directly through the Yieldly interface. There are already bridges from Algo to Eth and Algo to BTC that are also easy to use and navigate.

Defi isn't going away, and as the Algorand Defi ecosystem grows, the cryptosphere will continue to take notice.

You can learn more about the Yieldly ecosystem here.

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CrytoRunner
CrytoRunner

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