Update: A few days after the publication of this article, the Altilly platform was hacked, and later on ceased to function. I leave this article as a historic document.
The following article describes the investbox feature of the Atilly exchage. The links in the article referring to Altilly are my referal links for the platform which means that If you decide to join this exchange and invest money in it, I will get a small reward.
Also, this article was created for informational purposes only and is not financial advice. Do Your Own Research.
Too Long, Didn't Read:
The Altilly exchange is the first platform to offer any kind of interest on BANANO. It is a platform that recieved "acceptable" reviews in the past , but is not a prominent one. You have to place your BANANOs into an "investbox" in order to recieve the 1.19% yearly return. Fees are 0.1 BAN for removing the funds from the invest box, and another 1 BAN for withdrawing the funds from the Altilly platform to your private wallet. The whole process is quite quick and smooth, the interface is quite simple. I was able to recieve interest on funds and after a few days successfully withdraw the funds with a symbolic profit. It works. Whether it's worth to keep your future 1 USD BAN on an exchange is up to you to decide.
The whole article (worth reading!)
I heard and read several times that two of the signs of a succesful cryptocurrency project are a strong community and being listed on exchanges.
When it comes to the BANANO project, it is hard to find a more active community than the one supporting this project. If it was only up to the community criteria to determine the success of the cryptocurrency, BANANO would be one of the leading coins in the world, if not the most successful.
Lately we saw another healthy sign in the form of the listing on the Altilly exchange which is also the first platform to offer interest on BANANO.
It is not a very impressive interest, but it's something, and it's a beginning.
As this is the first time (to the best of my knowledge) any platform offers interest on Banano, I had to check it out.
Who owns Altilly:
As I started doing my research on Altilly, I read a few reviews that were quite contradicting. Some were quite positive, and some where quite negative. On Publish0x there were only 4 articles mentioning this exchange that were published prior to the BANANO listing (a few more were published after).
Altilly was purchased by the current owners in 2019, which could explain why on every article the location of the company was different. On one article it was listed in the netherlands, while in another it was listed in Hong kong, But then everything changed again right before my eyes, the business licencing and ownership structure of the platform changed again! one day it was owned by "Hodler enterprises" located in sweden, and a few days later that company ceases to exist and a new name appears - Qredit holding in the UK, and Altilly is now situated in Estonia.
I understand that businesses are a dynamic creature, and that companies change locations all the time in order to take advantage of better tax conditions and regulations, but to the basic user such as myself this seems a bit confusing.
When I started my research on the "previous" owners I was able to triangolate several social media accounts of the founder of "Hodler enterprises" - Nayiem Willems , He was quite active on github until last August, and owns several companies. I could not do the same for the other team members.
After the rebranding of the managing company ,which as I mentioned before happend just a few days ago, the name of Nayiem Willems reappears as the CEO of Qredit.
The Altilly platform:
The Altilly centralized exchange was founded in 2018 and has been running ever since. It seems to be a more privacy and developer oriented platform. No verification needed for initial investment and a maximal withdraw of 5000 usd per day. In it's two years of existance Altilly has seen an a rise in daily trade which stands at 1.8 million USD at the time of writing, in 256 markets.
Altilly lists new coins almost everyday , evidenced by it's quite active twitter account. Most of these coins are young and small projects, yet to reach acknowledgement. A lot of these coins are available to claim on a long list of faucets waiting readily to be used on the Altilly website.
BANANO Investbox
BANANO was listed on Altilly at the end of November. There are two trading pairs, BAN/BTC and BAN/ETH, both markets show very little activity.
The interest on BANANO is given as part of the "Invest box" on the Altilly platform , a feature which encourages investors to place their funds in custody of the "Invest box" , and in exchange investors are rewarded with interest. By doing so, the investbox achives two main goals:
1. The investors provide liquidity to the exchange of that specific cryptocurrney on the Altilly exchange.
2. The funds in the investbox are removed from the general market, which raises the price of that cryptocurrency.
Since Altilly is not a lending platform, the interest paid to the investors of the investbox doesn't come from profits that originate in loans, but from dedicated funds that Altilly or another stakeholder use to stimulate the investbox. Hence, the investbox is theoretically limited in nature and could cease its operations once the goal it was created for has been achieved or the funds that are used for the rewards have been used up.
Interest is paid every six hours as part of a general yearly return. In the case of Banano, the interest is the almost symbolic interest of 1.19% per year.
Though the interest is quite small, it is quite satisfying to see the small rise in payments every six hours
In the table below you can see the comparable daily return of different amounts of BAN kept in the investbox. In order to receive a daily return of 1 BAN you need to keep in the Invest box a sum larger than 30K BAN.
The Process and Fees:
Depositing in the "Investbox":
1. In order to use the Investbox you first need to deposit funds into your Altilly account. After sign up go to "Balances" on the top menu and search for BAN in the list of assets below. It would be easier to find BAN in the list after clicking the "asset name" at the head of the table which reorganizes the list alphabetically.
2. Click the BAN line in the table which opens a small popup window. Click on the "Deposit" button which would lead to another popup window with the QR code and BAN address for depoisiting BAN in your account.
3. After BANs were deposited in your account the next phase it to transfer the funds into the "Investbox". Click the piggy bank icon in the top left corner.
This would open the Investbox page, in which you need to find the BAN Investbox in a similar manner as described before. When you find it click "view info" on the right.
5. Clicking on the "view info" would open another popup window which would give information about the Investbox (e.g date of expiration, in the case BANANO it's the 1st of April 2021), and at the buttom a box to type in the amount of BAN you wish to transfer into the Investbox. Type the amount, add your password, approve the transaction, and congratulations, after six hours your BANs will start compounding interest.
Withdrawing from the "Investbox":
1. From the investbox interface click the "view" button of the corresponding currency from which you want to withdraw
2. In the popup window that appears scroll down until you reach the withdraw section, type in the amount you wish to withdraw , type your password and click "Make withdraw".
In my first withdraw on Altilly as part of my preparetion for this article I withdraw almost 5000 BAN from the invest box. In that first time there was a 0.1 BAN withdraw fee that was not necesarry for my second withdraw of 10000 BAN.
3. At this point the funds have been moved to your general balance, so click "BALANCES" in the top menu.
4. In the blanaces pages find again the corresponding currency you wish to withdraw, click on the line of that currency.
5. In the new popup window click "withdraw" , and in this final pop up window paste in your privae wallet address, type in the amount you wish to withdraw (remember to substract 1 BAN from the entire sum for the withdraw fee), type in your password and two factor authentication code (Always use 2FA where it is available), click "withdraw" one more time , confirm the transaction in your email box and that's it, the funds are on their way to your prive wallet with your profits.
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Proof of withdraw:
After a few seconds (we are talking about BANANO ) , the funds appered in my BANANO vault with 1.03 BAN profit. Horray. Here is the transaction.
Final words:
Altilly is a small exchange not very known to most people. It is in constant state of development which is a good thing but also creates a bit of uncertainty. Except for the founder no other names have been associated with this platform for a significant amount of time.
It is the first platform to offer interest on BANANO which would be appealing to some of the members of the wonderfull BANANO community, even if it is almost a symobloic interest. It is up to you to decide whether you wish to invest your future 1 USD BAN on any exchange in genenral , and on Altilly in particular.