Yieldly Is Now Algorand’s Leading DeFi Suite Following WAGMIswap Acquisition

May 14, 2022 1:01 pm

Yieldly is known as the first decentralized finance (DeFi) ecosystem that was built on the Algorand blockchain and is currently one of the leading projects within the DeFi industry.

It just announced that it will be acquiring WAGMIswap which is a decentralized exchange (DEX) that was built on the Algorand ecosystem.

As both Yieldly and WAGMIswap are project that were developed on Algorand, the merging and acquisition of them will position Yieldly as the best DeFi suite that Algorand currently has to offer.

Expansion of Yieldly by the DeFi industry will likely further increase mainstream adoption of Algorand and its native token ALGO.

Yahoo reports:

Completion of the WAGMIswap integration will see Automated Market Maker (AMM) functions added to the platform, giving Yieldly customers a comprehensive suite of earning initiatives.

Users can expect an overhauled interfaceincorporating a bespoke wallet with built-in staking functions and an integrated AMM alongside an NFT marketplace.

Yieldly will conduct thorough technical due diligence as part of the acquisition process, including third-party audits executed on WAGMIswap’s code.

“We are thrilled at the prospect of this acquisition. It stands as a testament and validation to the technology and products we have built.

Yieldly is a pioneer in the Algorand DeFi ecosystem, and having them roll up an AMM into their host of products is an exciting prospect for the broader Algorand community,” said Sinjin Jung, founder of WAGMIswap.io.

To give some background on WAGMIswap, the decentralized exchange was already extremely successful as it had experienced around $40 million in trading volume within its first week of launch.

The DEX allows for fast settlement and low transaction fees which makes it one of the best choices for those who utilize decentralized exchanges.

With Yieldly acquiring it, it is expected that Yieldly will now be considered an all-in-one type of solution for anyone who needs all things DeFi or GameFi on the Algorand ecosystem.

The company also works very closely with the Algorand Foundation to ensure that their strategic initiatives are aligned and continues to secure funding by prominent investors within the crypto industry.

AccessWire.com reports:

Sebastian Quinn, CEO of Yieldly, said, “This represents a significant step forward in re-establishing Yieldly as the go-to destination for all things DeFi and GameFi on Algorand.

We look forward to being able to deliver a more complete product for all our users and partners in the near future.”

Yieldly continues to work closely with both the Algorand Foundation and counts numerous venture capital firms among its backers, including 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.

Algorand is continuing to build value for its ecosystem which will eventually be realized some time in the future.

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