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23 June 2021

Algorand DeFi app Yieldy.Finance reports $8 million TVL in first 48 hours » CryptoNinjas

Algorand DeFi app Yieldy.Finance reports $8 million TVL in first 48 hours » CryptoNinjas


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Yieldly.Finance, the first DeFi platform built on the Algorand blockchain, today revealed that $8 million USD in ALGO has already been staked — placing Yieldy within the top 40 DeFi protocols by yield TVL in under 2 days post-launch.  The milestone comes ahead of its June 17th cross-chain launch when users of the wider DeFi ecosystem can participate in Yieldy’s no-loss lottery and liquidity pools.

As well as launching their suite of recently audited non-custodial smart contracts on Algorand, and building out cross-chain capabilities with Binance Smart Chain (BSC), Polygon, and ERC20-based DeFi protocols, Yieldly has launched a No-loss Lottery (NLL) for ALGO holders as their initial use case.

Launched on June 5th, the No-loss Lottery product has already seen partners pledging between $250K and $2mill ALGOs, with the lottery open until 11 June 2021.

In preparation for the June 17th, 2021 launch date — when Yieldly’s DeFi liquidity pools open to the wider public — Yieldly successfully concluded a hacker-resistant smart contract and blockchain audit by Halborn.

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