Yieldly, a DeFi platform for Algorand, today unveiled total value locked (TVL) in the protocol reached $8M worth of ALGO in just two days following launch. This milestone places Yieldy within the top 40 DeFi protocols by yield TVL. This comes ahead of its June 17th cross-chain roll-out; when users of the wider DeFi ecosystem can participate in Yieldy’s no-loss lottery and liquidity pools.

Founded in 2020, Yieldly aims to unlock and expand DeFi in the Algorand ecosystem. Bootstrapped by the Algorand Asia Accelerator in 2020; the Yieldly team recognized that immense opportunities existed to give users the same utility and access to liquidity that other protocols have.

Last month, Yieldly launched its Initial Direct Offering (IDO), which was oversubscribed by more than 5x.

Yieldly is also backed by various venture funds, including Borderless Capital, Longhash Capital, and CMS Holdings, with additional support from Neo Global Capital, Kosmos Capital, LD Capital, YBB Foundation, OKEx Block Dream Ventures, Kyros Ventures, Kernel Ventures, and IBMR.io.

The first no-loss lottery is open from June 5th till June 11th and has seen partners pledging between $250K and $2M ALGO. Presently, ALGO staked in the pool is trending to surpass $10M; with Yieldy also matching 100% for this initial prize.

“With nominal fees and fast transaction speeds and energy-efficient design; Algorand is the ideal platform upon which to build a future-proof DeFi solution. The Yieldly no-loss lottery really has the potential to become a major onboarding platform into DeFi platforms at large. It will only be a matter of time until we see a $1M+ weekly pool prize,” said Founder & CEO of Yieldly, Sebastian Quinn.

“To reward early partners and community members, we have also launched our ground-breaking ASA staking and rewards product early. YLDY holders can stake their YDLY tokens and earn the largest rewards for ASAs in the market. Initial calculations put this conservatively at 28% APY,” stated Quinn.

In preparation for its liquidity pools to open to the wider public on June 17th, 2021; Yieldly successfully concluded a rigorous smart contract and blockchain audit performed by cybersecurity firm, Halborn.

The audit is significant in the wake of an increasing number of “rug-pulls”, exit scams, and BSC-based DeFi exploits; primarily originating from unaudited; or improperly audited protocol smart contracts.

The post Algorand DeFi app Yieldy reports $8M TVL in first 48 hours appeared first on CryptoNinjas.

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