My previous post was an introduction to Algorand ecosystem which can be found here. In the post, I said that there were various great projects running and being developed on Algorand's blockchain. Today, I will introduce you to one of my favourite "Yieldly". 

 
According to their website, Yieldly is a place for "Liquidity mining. No-loss prize games. Multi-asset staking. Cross-chain swapping." Yieldly is, as the title suggest "a one-stop shop for DeFi" (or atleast it will be) on Algorand chain. Here are some of the things you can do on yieldy with your Algorand and Smart Assets.

Connecting wallet with Yieldly:
Head over to their official website and connect your Algorand wallet. Connecting wallet allows you to transfer funds between your wallet and the DeFi. You still need to sign transactions from your wallet. Once, connected you can partake in various activities like:   

1. No-loss Prize Games:     
So, basically as the name suggest, there are games,lotteries etc where you can stake your yieldly coin or algorand or maybe even ASA and then partake in them. "No-loss" is the term that is kind of attractive to look at IMO and yieldly remains true to it. You won't lose anything but you may gain some asset. My favourite is "Algorand Weekly prize game". It works something like this. You convert your algo for some tickets (1 ticket for 1 Algo). Every week a random ticket owner is chosen as winner who gets a massive amount of Algo as the lottery prize. Higher number of tickets increase your odds of winning the lottery. This week's (round 32) prize is estimated to be 11,842 algo as of now. 

Here's the fun part though, if you do not win the lottery, you get your Algo's back. But here's the funnier part, you get additional Yieldly token corresponding to the amount of Algo you staked as your staking reward. So, it is basically a win-win. You either win a hefty amount of Algo as prize or you still get some rewards in the form of yieldly token. And here is the cherry on top, you can withdraw your Algo (and the rewards) anytime you want. There is no lockage of the assets. Head over here for more information and here for getting your upcoming week's tickets!!! 

2. Liquidity Mining:
This is relatively new feature on Yieldly. And as of now, only one liquidity pool exist (Akita Inu ASA / Algo). For providing liquidity, you will earn Yieldly. Tinyman is well known for swapping ASA and providing liquidity in various pools on Algorand blockchain but due to last week's exploit on two of its pools, it has been suspended. 

3. Cross-chain Swapping:
Swapping assets across various blockchain is what yieldly is working on. As of now, assets can be swapped between Ethereum and Algorand. User will need to connect metamask for swap. 

4. Multi-asset staking:
Now this one requires a whole article about it. However, I will try to keep as short as possible. Yieldly allows you to stake Algorand and earn Yieldly token for it. But get this, you can stake various ASA too in various staking pools and earn stake rewards on them too. The reward you will get and its APY depends on the pool you stake in. For example: you can stake your Choice Coin (ASA ID: 297995609) and you will earn your interest in Choice Coin. Current APY is almost 2000%. Remeber that APY and APR are not equal but still 2000% is much better than 0% APY. 

Stake your Yieldly token and earn Yieldy token + Algo at almost 25% APY.  And there is another pool for staking your Yieldly coins and get rewarded in Choice coin (approximately 73% APY as of now). Here's their "staking pools" page. Some of the pools are only available for certain duration and again, the best part is you are free to claim your rewards as well as withdraw your stake whenever you want to.

Just something I would like to point out, only Teal5 staking pools support auto-compounding. Auto-compounding means that your rewards are calculated depending on your stake + your unclaimed reward. Yieldly-Akita inu is the only Teal5 pools as of now. You will need to claim the rewards (they will be transferred to your wallet) and then add them to your stake manually for the other pools until they update to Teal5. But you are free to claim and add to your stake as many time as you want. 

That was all that I could think of as of now. Would share further insights and articles. I am in no way associated with Yeildy or Algorand. As I have said in my previous article, I love this project and believe in its potential. Do share your thoughts and point out any mistake if you can!!