Yieldly
Crypto Overview
Project Overview
Yieldly is a DeFi protocol built on the Algorand blockchain that launched in 2021. The YLDY token serves as the platform's native utility token, enabling participation in staking pools, governance, and rewards distribution.
Intended Purpose
The platform was designed to provide staking services, no-loss prize games, and cross-chain swapping capabilities on Algorand. The YLDY token was meant to facilitate governance and reward distribution within the ecosystem.
Current Status
As of 2023, Yieldly has largely ceased active development. The platform's staking pools are no longer operational, and the team has not provided significant updates on development progress. The token primarily exists as a traded asset on secondary markets.
Business Model Analysis
The original business model centered around providing DeFi services including staking and yield farming. While staking itself can be compliant when structured appropriately, Yieldly's implementation involved interest-bearing mechanisms and lending protocols that raise concerns from an Islamic finance perspective.
Token Distribution
The initial token distribution allocated significant portions to the team and early investors, with vesting schedules that have now largely concluded. Current token circulation is primarily driven by secondary market trading.
Crypto Impact
To assign a comfort level investing in Yieldly from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Yieldly.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.