Yieldly is an Algorand-based DeFi platform built to allow a frictionless, secure, and borderless transaction across multiple blockchain networks.
The platform aims to make blockchain a more acceptable technology by improving its accessibility, efficiency and providing cross-chain solutions for asset trading.
Yieldly started as an enabling platform to expand the power of DeFi smart contracts to Algorand users. Meanwhile, it continues to expand across different chains, allowing users to enjoy basic DeFi advantages like staking, swapping, and pooling assets.
Additionally, the platform provides extra interoperability for Algorand with its bridging solution by allowing the seamless transfer of Algorand Standard Assets across different protocols.
Yieldly’s DeFi Products
As mentioned earlier, Yieldly provides a myriad of DeFi products and solutions that allows users to trade assets and earn passive income.
One of its notable DeFi solutions is its cross-chain bridge that allows users to transfer Algorand Standard Assets (ASA) to and from other blockchains.
Also, users can earn passively by staking their Algorand and other Algorand Standard Assets to earn YLDY or ALGO tokens.
Another DeFi product from Yieldly staking is the No-loss lotteries. Users can lock their ALGO tokens to earn lottery tickets and participate in lucky draws to win ALGO and YLDY rewards.
Steps to Stake ALGO on Yieldly
Staking ALGO on Yieldly provides users with a double-winning opportunity. Stakers can earn more than 20% APY yield on their staking and also win tickets to participate in the No-Loss lottery draw for a huge ALGO prize.
Meanwhile, the No-Loss lottery is held every week. Therefore, staking is started and concluded weekly with each No-Loss lottery session.
To stake ALGO tokens on Yieldly, you need to set up a new Algorand-based wallet and fund it with ALGO from CEX such as Binance.
If you already have ALGO in your wallet, just head over to Yieldly and stake your ALGO.
Here’s how to stake ALGO on Yieldly:
- Set up your Algo-based wallet
- Buy ALGO tokens on Binance
- Copy deposit address from Algo wallet
- Send ALGO tokens to your wallet
- Go to Yieldly and connect wallet
- Click on “Stake Algo & Get Tickets” and enter the amount of ALGO you want to stake
- Confirm the transaction in your wallet
1. Set up your Algo-based wallet
Setting up your Algo-based wallet is the first step to having access to any DeFi opportunity on the Algorand blockchain.
The two most common types of Algorand wallets are Pera Wallet (Algorand Official Wallet) and MyAlgo wallet.
Pera wallet is a mobile-first Algo wallet; therefore, you can use Pera only if you’re using mobile devices. You can get Pera on the App Store for iOS devices and Google Play Store for Android devices.
If you’re using a PC, MyAlgo Wallet is the best Algo wallet you can use.
To set up your MyAlgo wallet, go to https://wallet.myalgo.com. Accept Terms and Conditions, then proceed to choose a strong password.
On the setup page, choose NEW ACCOUNT to create a new MyAlgo wallet. However, if you have a mnemonic phrase backup, you can restore it by tapping IMPORT PHRASE.
For new users, tap SHOW to see your 25-word mnemonic phrases. Back them up and click CONTINUE.
Verify your phrases and finish the wallet setup.
2. Buy ALGO tokens on Binance
The next step is buying some ALGO funds from Binance. ALGO is also available on many CEXes like Coinbase and Kucoin. You can skip this step if you already have a funded wallet.
Buying ALGO on CEXes is almost the same. However, if you’re using Coinbase, buy ALGO with your bank account on Coinbase.com, then transfer it to your Coinbase Pro before withdrawing the ALGO to your MyAlgo wallet.
To use Binance, log in to your Binance account. Before using Binance, ensure you have a verified account with the exchange platform.
If you’re a new user, create an account with your email address or phone number. Complete 2FA verifications and then complete KYC requirements with a clear copy of valid government-issued documents.
If you want to buy ALGO through Binance, you need to buy USDT first, then trade it for ALGO.
Once you’re in, tap BUY CRYPTO from the top navigation bar and choose a preferred payment method.
Select USDT as the token you want to buy, then input the amount. On the next page, provide your payment details and confirm your purchase.
Once you’ve gotten USDT, navigate to Binance Convert from the top navigation bar.
Choose USDT as the token you’re trading for ALGO. Input the amount of USDT you want to trade and confirm the conversion.
3. Copy deposit address from Algo wallet
After funding your Binance wallet with ALGO tokens, it’s time to transfer them to your Algo wallet.
Go to https://wallet.myalgo.com/access and log in to the wallet with your password. Once you’re in, tap RECEIVE and copy your deposit address.
4. Send ALGO tokens to your wallet
You will need the deposit address to fund your wallet with ALGO tokens from Binance.
On Binance, go to WALLET > Fiat and Spot. In your Spot Wallet, you should see ALGO token at the top of your asset list.
Tap withdraw in front of ALGO tokens and paste MyAlgo wallet deposit address on the withdrawal page. Choose Network as ALGORAND. Input the amount of tokens you want to send and tap WITHDRAW.
Complete 2FA verifications to finalize your transfer. Your ALGO tokens should reflect in MyAlgo wallet within minutes.
5. Go to Yieldly and connect wallet
Go to Yieldly.finance in your web browser. On the top left corner, tap CONNECT WALLET. Choose MyAlgo wallet from the available options.
Log in to MyAlgo wallet and sign the connection to link your wallet to Yieldly Finance.
Once you’re connected, click STAKING POOL from the left sidebar to see a list of staking programs available.
You can manually search for ALGO staking program or select it from the staking programs available.
6. Click on “Stake Algo & Get Tickets” and enter the amount of ALGO you want to stake
To stake your ALGO tokens, just click STAKE ALGO & GET TICKETS. In the window that pops up, click ‘Opt In’ and confirm the action in your wallet.
After opting in, click Stake Algo & Get Tickets again and input the amount of ALGO you want to stake.
For every ALGO you stake on Yieldly, you get one lottery ticket for the grand prize. Therefore, the higher your staking, the more the number of lottery tickets you have and the greater your chances of winning the grand prize.
7. Confirm the transaction in your wallet
Once everything is set, click NEXT and confirm the transaction in your wallet.
After staking, you can view your staking detail on the dashboard, including your chances of winning the grand prize.
Check back to claim your yield rewards at the end of the staking week. If you win the prize pool, you will also be able to claim and withdraw them at the end of the week.
Conclusion
Staking ALGO on Yieldly is possible with Algorand blockchain’s Proof of Stake, a consensus mechanism that provides a lasting solution to three blockchain problems termed ‘Trilemma’; its scalability, decentralization, and security.
Meanwhile, staking ALGO on Yieldly provides chains of earning opportunities that stakers do not even know about. Firstly, it qualifies stakers for participating in a grand prize ALGO pool in addition to the normal yield reward.
Apart from this, stakers can also stake their yield reward again to earn ALGO or YLDY tokens in the Yieldly staking platform.
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