Yieldly.Finance, a DeFi platform built atop the Algorand blockchain, today launched four new partnerships and liquidity pools with ASA-based assets: Smile Coin Network (SMILE), the Asia Reserve Currency Coin (ARCC) from the International Blockchain Monetary Reserve, Opulous (OPUL) and Xfinite (XET).
The launch of these Algorand-based multi-asset liquidity pools follows soon after the launch of Algorand Foundation’s $300m USD Fund designed to support DeFi innovation and provide liquidity incentives to the Algorand DeFi ecosystem. The pools will enable each project to create a utility for its native tokens and enable them to distribute to Yieldly’s more than 15,000 members and the 10 million-plus Algorand community. They will reward liquidity providers with the partner’s native tokens as rewards. Users can unstake, and/or claim their rewards at any time.
SMILE allows gaming companies to process payments, deposits, and withdrawals in major global currencies, so players can participate from any jurisdiction. IBMR addresses wealth distribution and the general lack of access to banking services in South Asia. They are accomplishing this with the ARCC and with its crypto-powered microfinance platform for users to earn, buy, sell, and more. OPUL aims to redefine the music industry by changing the way artists find funding. The final partner, XET, provides an entertainment ecosystem token that aims to revolutionize digital media through innovations to customer experience, data-driven engagement and ecosystem economics for the benefit of its community.
In addition to bolstering liquidity, and expanding NFT options, Yieldly’s partners can also access Yieldly’s ERC-20 cross-chain interoperability bridge. This enables direct trading within the Ethereum ecosystem.
Venture capital firms backing Yieldly include Borderless Capital, Longhash Capital, and CMS Holdings, with additional support from NGC Fund, Kosmos Capital, LD Capital, YBB Foundation OKEx Block Dream Ventures, Kyros Ventures, Mozaik Capital, and Kernel Ventures, and GTA ventures. Borderless Capital, which formed a fund specifically for projects built on the Algorand blockchain, supports projects that leverage Algorand technology to create value in the borderless economy.