How To Get Started On Yieldly: The No Loss Lottery Built on Algorand

How To Get Started On Yieldly: The No Loss Lottery Built on Algorand

By CryptoCelt97 | Other | 3 Sep 2021


 

Yieldly is the first De-fi platform that is built on the Algorand blockchain and it offers a no loss lottery for its users. You essentially stake Algorand and the native coin Yieldly (YLDY) to both earn a solid APY and to get entered into the lottery which gives out pretty incredible prizes. 

Currently, you can stake your Algo for an APY of 15.9% and stake Yieldly for 32.6% - the APY reward for both will be in the form of YLDY. The more you stake, the more tickets you will be granted for the lottery and your chances of winning the grand prizes will be increased.

 

What are the prizes?

 

The current estimated prize for the Algo pot is at just over 42k Algo. To reiterate, you do not lose anything by entering this lottery. You simply enter the pool and earn APY (in YLDY) and get tickets for the pot. The more you have, the greater your odds of winning. 

 

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There is also an NFT prize if you want to enter the YLDY lottery: 

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As you can see, you can enter this pot and it will tell you your odds of winning depending on the amount of YLDY you have staked. 

 

How do I get started?

  • The first step is to create your Algorand wallet so that you may connect to the site. The AlgorandWallet app is not compatible with the site and you will need to make a wallet through https://wallet.myalgo.com - the desktop wallet. If you don't already have one, you'll have to create a new one, and as always make sure that your pneumonic phrase is safe and secure.  
  • Once your wallet is set up, click on the 'Connect Wallet' in the top right corner of the website. Simply, enter the password for your Algorand wallet and you will be successfully connected.

 

Move Algo/YLDY into your wallet

  • The next step is to fund your wallet with both (or either) Algo and Yieldly (YLDY) so that you may begin staking and entering the no loss lotteries. If you want to import some Algo, log into https://wallet.myalgo.com and click on 'Recieve'. This is your Algo address which will accept both Algorand and Yieldly. 
  • For Algo deposits it will be easy, simply buy some on any exchange and send some over to the address. Though YLDY may be a tad more difficult to get a hold of, let me explain how to get your hands on some:

 

How to get some Yieldly (YLDY) and how do I deposit it?

  • YLDY is currently not widely available, meaning there are currently 2 options to get your hands on some:  

1) Through Mexc exchange - The first option is to visit https://www.mexc.com and buy YLDY. This is a non-KYC exchange so you can set it up quickly. Once you have signed up, go to Assets > Account > Deposit > Algorand (or a token of your choice) > Deposit Address. This step is to fund your Mexc account so that you may buy the YLDY. Deposit the Algo into this account, then head on over to the 'Market' tab and sell it for USDT. Next, type 'YLDY' into the search bar of the 'Market' tab and buy the YLDY. Then go back into Assets > Account > Withdraw > YLDY > Input Algo address > Submit. Your YLDY will now be on its way to your Algo wallet, and you'll be able to deposit it on the Yieldy site and be able to stake and enter the lotteries.

2) Through Uniswap - You can also buy YLDY through Uniswap, though it is not currently recommended due to the Eth gas fees that are involved in making the transactions. Though if you want to do it through this method. Head over to Uniswap, connect your Metamask and YLDY to the menu. Then swap your chosen Eth token for YLDY, you'll then have to send the YLDY from your Metamask to your Algo wallet. 

  

Depositing your Algo/YLDY onto Yieldly to start staking and entering the lotteries

  • If you have followed the steps so far, your wallet should be set up and funded. The only thing left to do is to deposit and start staking/entering the lotteries.
  • Again, the first step is to make sure that your wallet is connected to the site. If successfully connected and the wallet is funded, it will show both your Algo and YLDY balance in the top right. 

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  • Click on the 'Stake Algo & Get Tokens' or 'Stake YLDY' depending on your preference. I have clicked on the Stake Algo option as seen below. 

 

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  • As you can see in the image, I get 43 tickets for the lottery for depositing 43 Algo. As mentioned previously, you do not lose this Algo. You will both enter the lottery and earn the 15.9% APY - hence why it's a no-loss lottery.
  • Make sure to hit 'Next' and this will prompt you to sign the transaction.
  • It will then show you the amount of Algo you have staked and it will also tell you your odds of winning the grand prize. 

 

Yieldly is a fun new project that allows users to stake and enter no loss lotteries with pretty good prizes, I hope you give it a go if you're not on it already. 

Thank you for reading.

 

 

 

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