RECAP AMA VIC Group with YIELDLY
💥 Dear community, today VIC GROUP will host an AMA with Yieldly team !!!!!!
Today’s AMA consists of 3 parts
👉Part 1 : Basic Introduction of Yieldly and Guests Sebastian Quinn is Founder of Yieldly
👉Part 2: Guests Sebastian Quinn is Founder of Yieldly will answer community questions from to form
👉Part 3: All members can ask anything directly about Yieldly
hello sir :D are you ready AMA ? @sebastianquinn88
Hello! I am, its terrific to be here, thank you to the team for hosting us!
Group will be Muted now for the AMA to start!!!!
We’ll start with the first part
👉Basic Introduction of Yieldly and Guests Sebastian Quinn is Founder of Yieldly
Guests can briefly introduce the project and themselves to everyone @sebastianquinn88
Thank you, with great pleasure, I am Sebastian the founder and CEO of Yieldly.
Yieldly is the first defi project built specfically for the algorand ecosystem.
Our mission is to create the building block for DeFi ecosystem on Algorand, and then overtime interconnect them with the wider DeFi ecosystem
At Yieldly we are forging a seamless, borderless, and interconnected DeFi ecosystem on the Algorand protocol.
Our mission is to create a DeFi cross-chain platform allowing users to exchange digital value without the friction, cost or security risks that other blockchains expose users to.
Users tell us that the market has been waiting for our solution, and we’re backed by some of the top investors in the blockchain space. Our partners believe our no loss lottery, staking products, bridge products and eventually a AMM/DEX will all open the door to a rich DeFi ecosystem and over time a broader multi-chain DeFi universe through our cross-chain compatibility.
My personal background is as a corporate lawyer working across APAC region on M&A. Then for the last 5 years I have been working in blockchain with some of the earliest and long standing projects such as Powerledger, Bluzelle, as well as helping set up Blockchain Accelerators with JD.com for their first corporate accelerator for the industry. We undersand the market and are delighted to bring that deep knowledge to build Yieldly.
All, done, thanks for the great question
Thanks for the introduction, I’ll have a question before moving on to part II
Question : Why did the project choose to develop on Algorand, what advantages does it have compared to the rest?
Thanks for the great question, we get it alot and its powerfully simple answer. Algorand was the obvious choice for the following reasons:
Firstly it solves the blockchain trilemma. We developed on Algorand because it is an underutilised ecosystem for DeFi. Not many projects develpoing there. Algorand has built the only blockchain that solves the blockchain trilemma (security, scalability, and decentralization). It made sense for us to build on a protocol that does what other ecosystems like Ethereum are still looking to achieve. Algorand’s unique tech capabilities have a number of benefits, including fast transactions at lower costs.
When applied to our tech products, this means we can allow users to stake and earn without the need to leave the platform (unlike our competitors e.g. Pooltogether and its 3rd party smart contract).
Secondly, we saw a Huge market gap and greenfield opportunity. Algorand is an overlooked DeFi protocol — it has around 10Bn worth of assets locked away. So we wanted to be the first to build here.
We know users in the market have been waiting for a natie DeFi solution — the first suite of DeFi products (staking, bridges, rewards, etc). We took advantage of a window of opportunity and developed the foundational, purpose-built infrastructure for other projects to take flight. We also forged a path for DeFi users and Algorand users to stake and use their ALGO swiftly, simply and safely. Algorand has an enormous amount of capital looking for a home and we hope to capture as much as possible for our users. We have seen a huge amount of interest from the community as a result. There’s definitely an element of first mover advantage, both in terms of deep liquidity and DeFi possibilities.
Third, its sustainable, Yieldly is keenly focused on sustainable growth in DeFi, and Algorand’s carbon neutral, pure proof-of-stake protocol was the perfect blockchain to build on. Algorand produces magnitudes less CO2 emissions than most blockchains, and the network’s pledge of being the greenest blockchain allows us to deliver without compromise.
Seb Q, [22.05.21 20:15]
As the first DeFi on Algorand, we are excited to fulfil the promise of DeFi, and leverage the protocol’s latent community, liquidity, security, and scalability.
Thank you for the good question, apologies for the long response!! We get passionate about the “Why”
Thanks for the great answer “why” from me
We end part I and move on to part II
👉Part 2: Guests Sebastian Quinn is Founder of Yieldly will answer community questions from to form
First Question : What are the main advantages and objectives of the Yieldly based on DeFi? Why does any ordinary user or even any company use Yieldly than other platforms? @sebastianquinn88
Ok, so the first part, in terms of objectives based on DeFi: Our goal is to build for the long term.
We want to see an interconnected fast secure DeFi ecosystem. In particular, we wish to re-conceptualise what value is and the way it is exchanged and transferred.
We are building tech to remove the clunky and expensive layer of intermediaries that proliferate modern centralised finance today.
So, what differentiates us from the rest? Our competitive differentiation comes from being the first to bring DeFi to Algorand, as well as the first to do an ALGO native token IDO. Theres both a technical barrier to entry for others other, as we set the standard. Plus we have the chance to build for all the users.
On top of that have a strong tech product and a team to continue to deliver. In Algorand, there are no competitors in our space with DeFi functionality. We aim to be the PancakeSwap of Algorand — but obviously better (ie more secure and with more assets tradable). . We have built the initial and important DeFi solution on Algorand. Our main use case would be staking and then no loss lottery.
Commercially speaking, We have developed one of the core building blocks for the Algorand FutureGI ecosystem.
This will improve the liquidity of ASA assets and enhance the ASA assets ecosystem.
Our platform is engineered to offer the most competitive rewards for ALGO and Yieldly holders who will be staking in the platform. The numbers for rewards speak for themselve, and will enable Algorand users, ASA token holders, and new entrants to best use their digital assets.
So in short, we built a key product for an ecosystem of millions of users who have told us what they want. Thank you for the thoughtful question from the community.
Thank you for the reply from the guest, we will continue to ask the second question
Question : Security is always a headache for old and new projects Yieldly will update users with what layers of protection so that everyone involved can trust long-term investment? @sebastianquinn88
This is a GREAT question, especially in this industry, thank you to whoever asked it.
Yieldly team is obsessive about security. What does that mean?
Since day one, we have taken a proactive approach to ensuring our product was built with reliability and security.
Importantly, our suite of DeFi products was not conceived in an eco chamber of the ecosystem, nor was it made from some copy of another product.
Instead, it was built from the ground up with a world-class team of smart contract developers, in consultation with top tier partners.
We built on Algorand because it has, in our eyes, the highest level of cryptography. We are the first DeFi to write our smart contracts using its underlying language TEAL (Transaction Execution Approval Language). We undertook all the same precautions and best practices as large software companies, to ensure our product is the best it can be.
Currently, we are undertaking rigorous code testing, penetration testing and wide-ranging digital audit, to minimise risk of faulty code or design logic.
Our auditor and pen’ tester, Halborn is an award-winning leader in its field, known for vetting other cutting edge projects such as Coinbase, Stellar and Bancor.
The Algorand Foundation’s tech team, which includes cryptographers, mathematicians and engineers, are also peer-reviewing our product to reinforce security. By June (product launch), Yieldly will have gone through multiple reviews and audits and ample testing.
Its a very involved process!!
As the community may have seen, our IDO took place on TrustSwap. Its a top tier launchpad that uses team token locks, liquidity locks and SmartMint to minimise security risks.
We have partners that are ensuring all aspect of the build and launch offer superior layers of protection. We know this is key to ensuring the long term success of our project’s roadmap.
Thank you for the great question, hope thats a helpful answer. Looking forward to the next one 🙂
Thanks for the great answer on security, we’ll move on to the 3rd
Question : Partnership is always an important factor for every project. So who is Yieldly’s partner? What are the benefits you get from those relationships? @sebastianquinn88
Ok, thank you, let me start by saying that this AMA is a tremendous example of our partners working together with us to build awareness and expand the knowledge base of what Yieldly and DeFi is doing across different parts of the world. It is characteristic of the type of support we are fortunate to receive from all our partners from all parts of the globe.
With that in mind we are looking to build on our efforts to expand the DeFi universe. We have partnered with many notable and influential VC funds. For example, NGC Ventures, Borderless Capital, CMS Holdings, Kosmos Capital, Longhash Ventures, YBB Foundation, Everblu Capital, and of course the wonderful Kyros Capital, to name a few.
We also have a number of industry first partnerships, for example the first algorand token to use launchpad anywhere in the world, and we will be the first ASA token available for purchase on all the exchanges we are looking to work with.
We also have a number of further firsts in the works that will be shared very soon. For example, we will work with esports companies as a way to bring new users into the ecosystem.
In addition some of the more concrete ways we work together with our partners, some of the best ways are as follows:
- We are connecting to over 6m users in Algorand ecosystem.
- 500+ portfolio companies across our partners network that we can build out collaborations with.
- Deep pools of capital that can be deployed onto our platform.
- Connecting to a wide network of press and promotional activities across various geographies around the world including this AMA.
We look forward to working across our network and expanding our vision with our partners. Thank you for the question.
Yes thanks for the great reply from the guest we will continue the 4th question
Question : How will Yieldly generate profits / income to sustain and what is the revenue model? How will it benefit Yieldly and your investors? @sebastianquinn88
Thanks! I would love to let one of our many VC partners answer this one for us.
But, from our side, simple we wanted to make a product we could use. Our team has a long history in blockchain and we wanted a way to use our ALGO tokens and build an ecosystem where we could do more with them, so we built the yieldly platform to do just that.
We are fortunate to have a number of great funds supporting us to build useful products for the Algorand ecosystem, and in turn those who use yieldly to particpate on our platform.
Our other answer we usual give here, is that we will stake our tokens on our platform and let the tech work for us. Thank you for the important question.
Yes thanks for the reply from the guest we will end part II with the final question
Questin ; Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term? @sebastianquinn88
Ok great! This is a nice way to follow on from the previous question
We designed the token to be used to access key parts of the platform and allow users to be able to utilise the no-loss lottery, the first staking contracts and assets for Algorand, and the bridge products.
What people do with our token when they are not on our token is really up to them, but we hope that they use it to engage with our platform.
As I’ve mentioned, and happily mention again, we are fortunate to have tier one partners who have bought our tokens so they can utilise the full features of our platform and support the development of a thriving DeFi ecosystem for Algorand.
Over time, ontop of access and features, the Yieldly token has governance use case too.
The primary use case is access to the staking pools, similar to node operations in projects such as Eth.
As new products are launched, we will be guided by token holder votes as to which features, pools, and further products to develop. We see a future where the community is actively involved in the running and setting aspect of the direction the organisation will develop too.
I am grateful for these questions and the communities interest in our product. Look forward to more questions in the time we have remaining.
Well thanks for the answer. We end part II of AMA
We will continue part III
The group will be unmute for everyone to ask questions!!!!!!
Question: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
This is a question we get often. We support staking of both ALGO and our native Yieldly Token. Our website covers the ways the works and ove rthe next week we will have more videos and details up. In less than a month we will have the mainnet up. It is just being audited now. Thanks!
Question: How important is the community to you? and how can we collaborate or help you for the development of the project??
This was built for the DeFi comminity. We welcome all feedback and overtime will have the first governance on Algorand too. So the community will be able to have its say in the direction. For now, we have built the product in response to extensive user feedback and we think it solves a lot of key problems for the eocsystem. We hope you agree once you get to use it!
Question : Q.Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
We have great teir 1 investors who all want to build the ecosystem. We recently had a great article in Coin Telegraph that details the motivations and our investors too. We welcome you to read it!
Question : Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on??
We have solved a technical roadblock on the Algorand ecosytem to make it easier for developers to implement DeFi applications on the network. We also have build bridges to connect other ecosystems to Algorand too. Solving user problems is the main focus of our team. Thanks!
Question : Southeast Asia is a very vibrant market and many project developed here so with your project what do you think about Southeast Asia and do you have any plan to develop here?
We were fortunate to be part of the Algorand Asia Accelerator in Singapore. The team and I have all spent our careers across the world including South East Asia. We. want to make sure that we are building product that cater to users in this regions and across the world. Algorand has technical advantages to other protocls, its faster and cheaper (no high gas costs) So that makes it more attractive to more of the world. Also, when the borders finally open we look forward to being back in SEA. We hope you are all staying safe 🙏🙏🙏
Question : Good day @sebastianquinn88 Those Investors & Partners, who have invested in how will you make sure that they get good returns & how will you Protect the Busy for them?
We are proud to have out test net up in february. We are now getting the mainnet audited by Halborn (who have worked on Coinbase and other famous projects). We look forward to the release of the public audit and our product. Our tech roadmap is on our website and I invite you to visit. Thank you!
Question : DeFi is an important topic in the blockchain space right now, can your share their opinions on DeFi? Do you think that DeFi will disrupt the existing financial system or do you think we can live in a balance where both systems can work cohesively?
We think DeFi has the potential to reshape how certain functions of the financial system operates. For starters it has the potential to remove many costly layers of intermediaries that currently exist in the current financial system. We think it builds on the distruptive goals of many fintech companies, in so far as allowing users to have more control of their wealth and savings. We hope that it makes the financial system fairer over time.
Question : What are your plans on GLOBAL adoption? Which country is presently focused on ??
We focused initial on the 6m+ Algorand users. We know they are geographically disperesed. So we looked to find commomn problems that these users shared. One key problem was a lack of options to use their Algorand and lack of DeFi activity in the Algorand ecosystem. We have build our products to solve for that need.
Question : lWhich partnerships are on the roadmap of YIELDLY ? Having the support of projects consolidated in the field always helps with trust and therefore adoption
We are fortunate to have our investor partners who have over 500 blockchain companies in thier portoflios. We are looking to work with relevant partners there and relevant partners in the ecosystem to reach our goals. Thanks!
I know there are a lot more question in here than what we can get to answer in the time remaining, howerver please know that my team will look through and take notes. We will endevour to make sure our website is updated to capture responses to the key questions being asked today. I am delighted at the amount of interest here.
I will look for one to two more questions and then I’m afraid I will have to join another community call. Apologies!
Question : Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your project and keep them long term?
We will look to make sure our product speaks for itself here and that it does what the community needs it to do — provide more options for the ecosystem and more ways to use ASA assets. We want people to use it and enjoy the product. We will always try to better understand our users and make sure our products make sense for solving the needs. We then hope our users become champions for what we have built. We look forward to the launch in June!
Question : Why you build your token on Ethereum blockchain? As we all know Ethereum has scalability issues? Any plan to move on other blockchain or mainnet?
Thankfully we are a few steps ahead! We are on algorand and its a far superior protocol for the exact reasons you point out — it solves those problems!
Question : Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
We built a product that solves key pain points for DeFi and we hpoe the users agree when they get to use it!! Thank you all for the great questions! I am deligthed to have the chance to interact with you here. I also thank the organisers and of course the host @Mrbut88 for the amazing Q&A and organisation. I hope you will all keep following our journey and we welcome you to ask more question in our telegram group.
I am usually in https://t.me/yieldly at least once a day and my team is there 24/7 to answer questions. Thank you all again!!
Thank you to our guests @sebastianquinn88 for having the time to join us at AMA today. AMA END