Today marks a momentous occasion in the history of Yield App as we launch what many of us have been excitedly anticipating: Version 2 (V2) of our platform! After weeks of rigorous testing by some of our most dedicated community members, this functionality-packed update is now ready for you, our valued users. And to celebrate this huge milestone, we are launching an exclusive lock-up promotion!
From today until March 1, 2022, users can lock up their YLD with us and earn a whopping 20% annual interest for one whole year!
That’s right – anyone choosing to lock up their YLD for 12 months over the next six weeks will earn 20% annual interest on their holding instead of the standard 12% on locked YLD under the new V2 Tier Rewards structure. This offer will be available for a limited time only, until 00:00 UTC on Tuesday, March 1, 2022 and subject to a minimum lock-up amount of 1,000 YLD. Any YLD locked up after this point will earn the standard 12% annual interest, subject to the same minimum lock-up amount of 1,000 YLD.
The ability to lock up your YLD for 12 months to earn a higher annual interest rate is just one of the many exciting new features launching with V2. Below is a recap of what you can find in the brand new interface and details of all the changes that V2 will bring to your user experience. For further details and practical advice on how to access all the new features, you can also check out our bumper FAQ blog on all things V2.
IMPORTANT NOTE: All user deposit addresses have been changed to new V2 addresses, which you will see upon logging in to your account. Do not attempt to send any assets to your old V1 addresses - these wallets no longer exist.
1. New V2 Tiers and rates
First thing first, V2 comes with a whole new Tier Rewards structure, which offers the greatest earning potential to users with the highest long-term commitment to our ecosystem, while ensuring that everyone earns the market’s leading rates on digital assets. We believe this is a fair system that offers our users more flexibility on the level of commitment they want to make, while remaining highly rewarding.
From today, users with 0-999 YLD in their Yield App wallets will become Bronze Tier members, while those with 20,000 YLD or more will move to the top Diamond Tier and will earn the highest available rates on USDT, USDC, ETH and BTC. Please see below for all the changes to your Tier membership and rates.
2. Stake and lock YLD
One of the biggest changes coming with V2 is the ability to stake or lock your YLD tokens to earn additional rewards. Under our V2 Tier Rewards structure, users with more than 1,000 YLD (Silver members and above) will be able to stake their tokens to earn between 4% and 6% on their staked holding, or lock them up for 12 months to earn a flat rate of 12%. In addition, all of our users can choose to be paid their rewards in YLD to earn an additional 2% annual interest on their base assets (as can be seen from the chart above).
IMPORTANT: Please note that YLD tokens must first be staked in order to be able to lock them. Staked YLD can be withdrawn at any time, while the YLD that you choose to lock for 12 months in order to boost your YLD on YLD earnings will have to remain locked, on-platform, for the duration of that 12 month period. Users are also now able to choose to auto-stake their YLD rewards, meaning that all the rewards you earn go straight into staked mode, allowing your earnings to compound without any additional action on your part.
3. Full cycle conversions
Users that have completed Know Your Customer (KYC) level 2 will be able to convert any of their existing assets for another asset available within the platform. Please note that in-app conversions will be subject to a daily limit of $5,000 (USD value) across all assets in V2 (this will increase over time). For example, a $2,000 conversion from ETH to YLD and a $3,000 conversion 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.
4. New digital assets
V2 will bring 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 stablecoin DAI, with more to follow in coming weeks and months.
5. Multi-chain functionality
Digital assets have now expanded well beyond the Ethereum blockchain, and so with V2, Yield App is integrating more of these into our platform. We expect Binance Smart Chain (BSC) to be the first to come online following the initial launch.
6. Enhanced security features
V2 also comes with enhanced security features to help ensure your assets remain safe at all times. This includes the ability to set a limit on the number of withdrawals that can be made per day to protect your assets, as well as a brand new automatic logout feature, which will log you out of your account after a period of inactivity (you can set this yourself). Additionally, users will be able to whitelist addresses that they trust and/or use often. For example, you can add your MetaMask wallet address and any other wallets and exchanges you use often.
Please note, as part of our enhanced security, 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.
7. User activity log
The V2 activity log allows users to see all the recent activity that has taken place, which browser, operating system and IP address was used, and the date and time. This gives users greater control by allowing them to see all active sessions and close any that are not in use.
8. Control over compounding and earnings
Another big change is that our users now have much more control over their assets by being able to customize their earning settings. The following options are now available for users with holdings in our portfolios:
Auto-compounding: Your rewards will be automatically redeployed into a chosen portfolio, creating compounding returns.
Autodeploy deposits: Any new deposits of this asset into the Yield App wallet will be automatically deployed in the selected fund.
Earn all rewards in YLD +2%: Users can get an extra 2% in annual interest by choosing to earn their rewards only in YLD.
9. Download a report of your transactions
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-down 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.
10. Rewards performance 24h/7d/30d
And last, but not least, you can now see your earnings in the brand new and improved dashboard over the past 24 hours, 7 days and 30 days, and in a selection of currencies. We believe this will help all our users truly take control of their financial futures!
We are thrilled to welcome all our users to the hotly-anticipated Version 2 of our platform and we hope you will enjoy all of the new features we have introduced. If you have any questions, please don’t hesitate to reach out to us via our community channels and at [email protected]. Our dedicated community team will be more than happy to answer any of your questions.
Do you want to earn the market’s leading APY’s 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.