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AMA recap: New earn products and features
In our latest live Ask Me Anything (AMA) session held on Wednesday, 13 July 2022, we announced several updates and introduced new features to our community. If you missed the live discussion, this is a recap of the key announcements made during the AMA, as well as an overview of the current state of our business and how we are positioned for future growth.
New ways to earn market-leading rates coming
In response to strong customer demand, we will soon be introducing new fixed-term earn products on the Yield App platform. These portfolios will have a fixed lock-up period and will pay higher rates than our instant liquidity products. These additional earn options will provide our customers with greater flexibility in the way they choose to earn on our platform.
The existing instant-liquidity earn portfolios (ETH and stablecoins) will still be available. The lock & earn portfolios will be an additional option to provide more flexibility to those customers who would like to earn higher rates with longer lock-up periods.
YLD Bonus Rewards Pool depleted
As we communicated previously, the YLD Bonus Rewards Pool for bonuses on base assets has come to an end. From 14 July 2022, all our customers will receive rewards on base assets (ETH, BTC, stablecoins) in the base asset only, according to our current rates.
YLD on YLD staking and locking rewards will not be affected by this change. If you have locked your YLD for 12 months you will earn 12% p.a. on this holding (available from Silver Tier), and up to 6% p.a. on YLD staked on the platform.
When Yield App was founded in February 2021, we introduced a 45 million YLD rewards pool to pay YLD bonuses on base assets as an incentive to our early adopters. In February 2022, we extended this pool by an additional 30 million YLD to provide added incentives to our most loyal customers.
The conclusion of the YLD Bonus Rewards Pool on base assets will result in a significantly lower inflation rate of our YLD token, as it transitions from a utility token to a full membership token. We believe this will be a highly positive development for our loyal customers.
Smart lock solution
Holidays are prime time for burglars and hackers to attempt to get their hands on people’s possessions. We are introducing a brand new smart lock solution to allow our customers to add extra security to their accounts while they’re away on holiday.
The highly demanded feature allows customers to request a temporary lock on their accounts for any period of time. You can request two types of lock: a full lock, which means you are not able to log into your account, and a withdrawal lock which allows you to log into the platform and perform any other actions. Both these options ensure no unauthorized withdrawals can take place during this time, even if your login credentials are stolen.
To activate this feature:
- Send an email to [email protected] with a photo of yourself holding up your passport or another form of ID
- Specify the dates during which you would like your account to be locked
- Your account will be unlocked automatically on the day specified by you
If you require access to your account earlier, simply email our support team again with a photo of yourself holding a form of ID to verify it’s you making the request. This feature should also find its way directly into our mobile app in a few weeks’ time for added simplicity.
Yield App is in a solid position
Despite the recent turbulent market conditions, the last two months have been the most active since Yield App’s inception and have been presented with some of the best opportunities we have seen since launch. We have worked hard to carve out a fantastic niche for our business and we are ready to continue growing and evolving with the support of our valued customers.
We are using the current market backdrop as an opportunity to build and reaffirm our value proposition as one of the leading trusted digital wealth managers in the digital asset space, supported by many exciting developments happening behind the scenes, including selective hires of first-class personnel.
Navigating the bear market
Over the last few months, our rigorous due diligence procedures protected us from any exposure to LUNA/UST and illiquid credit strategies. As a result of this prudence, as well as our agility in adapting our strategies to the shifting environment late last year, our portfolios have performed extremely well despite a distressed market and we have remained extremely liquid at all times. Going forward, capital preservation remains at the core of every strategy we pursue.
Our existing customers have been our highest priority at all times. To protect the returns we offer them, we have chosen not to accept large amounts of capital offered from bigger institutions during the recent months, as this could have jeopardized our ability to pay the competitive rates offered to our existing customers. In addition, we never lend out customer assets, and as a result, there is zero exposure to risk associated with loan activity.
If you would like to watch a recording of the live AMA, where our CEO Tim Frost and CIO Lucas Kiely answered more questions from our global community members, please head to our YouTube channel.