How To Earn Passive Income With Yieldly 100% Plus Returns

How To Earn Passive Income With Yieldly

As you may have read previously my biggest crypto holding is Algorand.

Algorand has its own blockchain that is fast, cheap and scalable.

Now comes Yieldly.

Yieldly or YLDY (that’s the ticker). Is the first DeFi App built on the Algorand blockchain.

It is still early days for Yieldy. So early it is not even listed on any exchanges yet.

Yieldly is an ASA or Algorand Standard Asset. Think of it like an ERC-20 token on the Etheruem blockchain.

For now, there are only two ways to acquire YLDY, the first and frankly easiest method is by staking your Algorand in the Yieldly NO-LOSS LOTTERY. More on that shortly.

The only other way currently, and I only recommend this if you are wanting to buy a significant sum, mostly because you will have to pay ETH gas fees until the upcoming Probit launch, supposedly coming very soon!

You have to buy an ERC-20 version of YLDY available on Uniswap. See below for more information on that.

Once Yieldly YLDY is listed on Probit the process of accumulating YLDY will become so much easier and cheaper.

Just a few weeks after launch we already have a Total Value Locked (TVL) of $15.2 Million in Algorand that’s currently 18.2 Million.

Already from the YLDY dished out there is $3.2 Million or 550,164,307 YLDY at the current prices.

Yieldly as a thank you to early investors (aside from the initial pre-launch investors) are giving away $50 worth of YLDY to all of us who participated in the first No Loss Lottery regardless of wallet size. What an awesome token of appreciation from the team!

So how do we earn passive income and generate a yield with Yieldly? There are two ways to compound your YLDY and earn substantial rewards.

Yieldly No Loss Lottery

First up we have the Yeildly No Loss Lottery.

Effectively, how this works is you stake your Algorand via a Smart Contract using the My Algo Wallet.

Please note the official Algorand wallet does not support Dapps so the My Algo Wallet must be used for now. It’s a clean simple web interface and works really well.

Now here comes the clever part.

You forgo your usual Algorand Staking rewards currently at 5.75% at the time of writing.

Instead, each Algo you stake buys you a lottery ticket.

You must stake your Algo for the full 7 days to be included in the weekly No Loss Lottery. You must stake before the draw takes place to be included in the next draw.

If it’s a lottery, how can it be NO LOSS I hear you ask?

You get rewarded in YLDY tokens, not at 5.75% like normal staking rewards. Instead, Yieldy is currently paying 15.3% in rewards for staking your Algorand.

Effectively you get 15.3% in rewards paid out in the Yieldy (YLDY) token. Not only this you are entered into the lottery to win the Algo prize pot currently sitting at a huge 18,854 Algorand at the time of writing that is worth £11,123.

Bearing in mind Algorand along with most of the market is down massively at the moment!

The more Algorand you stake the bigger your chance of winning the lotto as each Algo you stake buys you a ticket. As mentioned you must stake your Algorand before the next draw to be included in the lotto. You will however earn YLDY rewards regardless from the moment you start staking.

You can read more about how it works here.

It is pretty complex. The thing we early birds have to come to realise is.

Claim your rewards within 24 hours of the No Loss Lottery ending for maximum rewards.

Your tickets will automatically roll over into next week.

Next up is the really fun part.

Staking Yieldly To Earn More Yieldy and Algorand

So you have participated in the No Loss Lottery or perhaps you went the Uniswap route to really boost your bag, more info on that here.

Better still by the time you are reading this, Yieldly YLDY will be on Probit as an ASA and you can buy as much as you like without having to pay ETH gas.

Either way, first things first. You need to either claim your YLDY from the Claim Rewards button on Yieldly (remembering to only do it once a week, after the lotto has been drawn within 24hours)

If you have not yet set up everything. Please follow the very simple and concise instructions provided by Yieldly here. Start with getting started and work your way through.

Once you have that lovely YLDY in your My Algo Wallet. There is only one thing left to do.

Go ahead and click on the YLDY Staking section on the Yieldly site.

When you stake your YLDY you will earn rewards in both YLDY and Algo.

Currently, the rewards are very juicy indeed. Sitting at a whopping 107.7% APY. That’s a compounded annual return. No doubt as more and more people jump on the platform this will reduce over time

As before, just claim your rewards once a week after the lotto, do them both at the same time and re-stake your new YLDY over and over again, compounding your returns.

I will update this post the moment we can buy YLDY on Probit or other platforms!

I’m very bullish and Algorand and Yieldy. The Algorand blockchain is so efficient and inexpensive, DeFI on Algorand, provided by Yieldly just makes total sense.

The current roadmap for Yieldy can be found here in the FAQs

Please do your own research and due diligence. Capital is at risk.

As always,

Thanks,

Sean

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