Yieldly has been a popular project that delivered the world’s first and only DeFi suite on Algorand.
The project spent a lot of time and effort on setting the stage for further development.
Now that the base is complete, Yieldly is ready to start building, and it just revealed its plans and priorities.
Yieldly is the first and only DeFi suite on Algorand blockchain, and the project just attracted attention after updating its roadmap and revealing new, upcoming features.
Yieldly is one of the most popular DeFi projects and the world’s first and only DeFi suite within Algorand’s ecosystem. It offers a variety of services, from cross-chain swapping to multi-asset staking, and even no-loss prize games.
The project recently updated its roadmap, revealing its goals for the rest of 2021, as well as 2022. According to its report, this new update signals the new era of cross-chain liquidity on Algorand.
The report started by saying that Yieldly’s team has been slowly preparing for the next critical build cycle ever since the launch of its first-gen products. The incoming months will present the project with the major opportunity to eliminate friction points in DeFi, and scale Yieldly at the same time. So, with that said, Yieldly is now ready to reveal the upcoming second-gen product suite, and given how popular the first suite was, the project definitely has a reason to be excited.
Up to this point, Yieldly has been focusing on building mission-critical infrastructure on Algorand. This was necessary to set the foundation for future growth, and the project is quite proud of its achievements. For example, it held a successful private round with top VCs, it passed the smart contract audits, introduced its no-loss prize game, it integrated with Chainlink, added staking pools and ASA-ERC20 bridge, it became the first ASA to launch a Uniswap pool, it held the first Algorand IDO, and more.
It also held the biggest airdrop ever on Algorand, teamed up with eSports, and it reached two major milestones in regards to figures — over 25 million ALGO staked, and more than 200,000 transactions.
What changes does the new roadmap bring?
After finishing setting up the stage, the project is now ready for some more creative achievements, which is where its new roadmap comes in. It will be able to add more features and some untapped assets and markets are being leveraged for the users’ benefit.
However, as the project itself has pointed out, the new roadmap contrasts with the previous one in four key ways.
Firstly, it features dynamic staking pools, as well as the world-first bridge solutions for other projects. In addition, there are multiple new developments, such as ALGO purchasing within the YLDY platform, as well as integrating NFTS.
The second big change is the fact that the roadmap now features YLDY—ALGO Swap, which will be a major game-changer, and is expected to come in the first quarter of 2021. This is the first big step to bringing fully-fledged DeFi to Algorand’s ecosystem, and bringing a new level of freedom to its community.
Next, the project’s roadmap also contains TEL 4 product upgrades. This is crucial, as Yieldly’s vision of the future is strongly dependent on smart contracts that can achieve greater levels of complexity than the current ones can. TEAL 3 contracts were often pushed to the limit of their capability, which has led to compromises in some areas. With TEAL 4, however, the project will be able to push further and open up new possibilities.
Lastly, Yieldly’s product launch process will expand its user-centric approach, as its latest announcement states. Basically, the project had a very limited group of early adopters. But, it plans to use all of its user priorities and all the feedback it received to make some positive changes for the community. Obviously, no project is perfect right from the start, but the will and ability to change and adapt is what makes for a great project, and Yieldly is definitely heading this way.
All in all, the roadmap is very ambitious, leading to major changes in its ecosystem, and since the changes are all very positive for the project’s ecosystem, they might also reflect positively on its price. So, traders seeking out opportunities might want to note that this is a good time to accumulate more YLDY before the staking/farming of other projects starts.