The day so many of us have been waiting for is nearly here: the launch of Version 2 (V2) of the YIELD App platform! Next Tuesday, January 18, 2022, YIELD App V2 will be launched into the world with a host of new and exciting features.
These include enhanced security options, in-platform swaps, greater control over compounding and earnings and the ability to lock or stake our native token, YLD, for extra APY. For a full list of these features and more, check out the below blog post.
READ: V2 user testing has begun! Here’s what’s new
Such a big update has understandably got our dedicated community asking questions, though. And so, below we have laid out a bumper YIELD App V2 FAQ to answer your burning queries about this exciting launch. Read on for more.
How long will the V2 transition time be?
There will be a short period of maintenance during the transition from V1 to V2 from 00:00 UTC on Tuesday, January 18, 2022, with the platform up and running the same day.
Is there anything I need to do?
No - nothing is needed from any of our users. There will be a short maintenance period during which all of your assets will move seamlessly across.
What will happen to my assets?
To ensure a smooth transition for all our customers, all assets sitting on the YIELD App platform at the point of the V2 launch will be auto-invested into the new system.
Should I withdraw my assets during transition time?
As all assets will be automatically invested, there is no need to withdraw anything before or during transition. Indeed, to ensure the security of your assets and to reduce your Ethereum gas fees, we would discourage this.
Do I have to do anything after transition?
No - nothing at all! Our users need only sit back, relax and enjoy enhanced functionality on the launch of V2.
Can I redeem my assets after transition?
Whether in V1 or V2, our users are free to withdraw their assets at any time, subject to the standard withdrawal fees. The exception is the Bitcoin Portfolio, which is subject to a lock-up period (from February 28, 2022, this will be a monthly rolling lock).
READ: The YIELD App Bitcoin Portfolio is open to deposits!
Which blockchains will be available?
Digital assets have now expanded well beyond the Ethereum blockchain, and so V2 will see us integrate more of these into the YIELD App platform. We expect Binance Smart Chain (BSC) to be the first to come online following the initial launch of V2.
What assets will be available?
With V2 will come the launch of a host of new digital assets. By popular demand, the first to join our current stable of USDC, USDT, ETH and BTC will be DAI, with more to follow in coming weeks and months.
What is “stake” YLD?
In order to earn YLD on YLD and qualify for Tier bonuses, users will need to stake their YLD in the new system, rather than simply hold YLD in their wallets as they do now. Staked YLD can be withdrawn at any time.
How do I stake YLD?
On the launch of V2, all YLD held on the platform in V1 will be automatically staked. After that, you can easily stake your YLD manually in the new V2 interface via the “Stake” button visible on the right side of your YLD holding via the main dashboard, or via the new dedicated YLD Token page. From here, you can also choose to automatically stake any new deposits of YLD into your wallet by toggling “Autostake YLD deposits”, and automatically stake all the YLD rewards you earn by choosing “Autostake YLD rewards”.
What is “lock” YLD?
In V2, you can also further enhance your YLD-on-YLD APY by locking some or all of your YLD tokens for 12 months for a base rate of 12% per year. Once you have staked your YLD, you can then easily lock your tokens either from the main dashboard, or the new dedicated YLD Token page. Unlike staked YLD, which can be withdrawn at any time, locked YLD must be held locked, on-platform, for the duration of that 12 month period.
For full instructions on how to stake and lock YLD, head to this blog.
What Tier do I go in if I have both staked and locked YLD?
Your Tier is based on the total sum of the YLD that you have staked and locked on the YIELD App platform, in any combination. For example, you might have 200 YLD staked and 800 YLD locked. As these total 1,000 YLD, you would be a Silver Tier member. As you earn and stake or lock more YLD, you have the chance to further move up the Tiers, all according to the total amount of YLD you have locked or staked.
How will the rates change?
As we explained in our V2 Tier Rewards preview, we have adjusted rates in V2 to further encourage and reward increased participation in the YIELD App ecosystem and ensure the stability and sustainability of the YLD token. See the below table for a full breakdown.
Note: All rates are subject to regular review and revision according to market conditions.
Will I still be in the same Tier?
As you can see from the above table, the threshold for our Tiers will change under V2. Current Tier 1 members will become Bronze if they hold less than 1,000 YLD in their wallets, and Silver if they hold 1,000 to 4,999 YLD. All Tier 2 members will transition to Silver, while all Tier 3 and Tier 4 members will move to Gold, and all Tier 5 members will move to the Diamond Tier.
Can I earn all my rewards in YLD token?
Yes. A new function coming with V2 is the ability to earn an extra 2% APY if you elect to receive all rewards in YLD. You can do this easily via the “Earn” tab on the left hand menu of the new interface. Inside each portfolio that you are earning in, you can flip the “Earn all rewards in YLD (+2%)” toggle to select this option.
How will auto-compounding work?
From inside each portfolio accessed via the “Earn” tab*, you can also toggle the “Autocompound” option. If you select this option, all of your earnings will be automatically put back into that portfolio, creating compounding returns (or, auto-compounding).
Please note, however, that there is no auto-compounding if you choose to earn everything in YLD. For example, if a user is earning in the USDT portfolio and chooses to be paid all earnings in YLD, the principal holding in USDT will not grow.
In this case, toggling on the “Autocompound” option will automatically move all rewards, paid in YLD, into your staked YLD pool where they will earn YLD according to your membership tier (Bronze, Silver, Gold or Diamond). If “Autocompound” is set to “off”, rewards, paid in YLD, will go into a user’s wallet.
* From the “Earn” tab, you can also choose to have all deposits of the portfolio asset sent straight to the portfolio whenever it drops into your wallet by toggling on the “Auto-deploy deposits” option.
Will there be a limit on swaps?
In-app swaps will be subject to a daily limit of $5,000 (USD value) across all assets in V2. For example, a $2,000 swap from ETH to YLD and a $3,000 swap from USDT to DAI would equal $5,000, and so reach the daily limit. Limits will increase as we continue to build out our systems.
Will there be any fees on conversions?
As in V1, we will not charge fees for conversions on the YIELD App platform, while conversion rates will remain competitive with the market for all our users.
What will the new BTC lockup periods be?
Ahead of the V2 launch, we have reopened the YIELD App Bitcoin Portfolio for new investment between January 13th and 18th. After this, the portfolio will be locked until February 28th, 2022, when the lock-up period will change to a one month duration. You will find full details of our Bitcoin Portfolio re-opening in the blog below:
READ: The YIELD App Bitcoin Portfolio is open to deposits!
If I move up the tiers as I earn, does my BTC interest rate adjust accordingly during the lockup period?
Yes. If you move up or down during this time, your returns will adjust, even in the lock-up period.
What will the daily withdrawal limits be?
YIELD App users that have completed compulsory Know Your Customer (KYC) level 2 verification can withdraw up to 1,000,000 USD in stablecoins, 30 BTC, 500 ETH, and 1,000,000 YLD per week. As part of V2’s enhanced security features, users will also be able to set a limit on the number of withdrawals that can be made per day, and whitelist specific wallet addresses.
What are the new incentives for people holding over 20,000 YLD?
The revised Tier Rewards system pays a higher base rate to users that hold more YLD, with the highest base rates - as well as the highest rates on YLD - available to Diamond Tier members that hold 20,000 YLD or more. This ensures our members are rewarded in line with their commitment to the entire YIELD App ecosystem. Diamond Tier members will also see further benefits added over time.
Can I export transaction data for tax / accounting purposes in V2?
Yes. In V2, all transactions on YIELD App can be easily tracked under the “Transaction” section, where users can download a report of all their transactions by going to the “Action” drop menu in the top right corner and selecting “Download as CSV”. From there, you can download monthly reports by type of transaction. This feature will be available in H1 2022 and we will notify all users as soon as it is online.
What happens if I have forgotten my password?
You can change your password within the Security page, or via the "Forgot password?" feature upon login. Changing your password will log you out from all other active sessions. If you change your password using the "Forgot password?" function, all your withdrawals will be suspended for 24 hours as a security measure.
What security will you have when you stop using Bitgo wallets?
YIELD App takes a multi-layered approach to security that goes well beyond wallet insurance that affords limited cover for assets that are out there earning in the digital asset ecosystem. This includes institutional grade security protected data centres, chain dedicated nodes, bespoke hardware security modules and proprietary portfolio management software systems. The latter ensures our managed assets are diversified across a range of fully vetted pools and managers, dramatically reducing the risk presented by any single point of failure.
Do you want to earn the market’s leading APYs on your digital assets? Sign up for a YIELD App account today!
DISCLAIMER: The content of this article does not constitute financial advice and is for informational purposes only. The price of digital assets can go down as well as up, and you may lose all of your capital. Investors should consult a professional advisor before making any investment decisions.