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Update to YIELD App's deposit and withdrawal policy
It’s been an incredible past few weeks in the cryptocurrency space as we’ve watched the market reach new heights. As many in the YIELD App community will have likely noticed, activity on the Ethereum blockchain has surged to all-time highs, unfortunately causing the network to experience its worst-ever period of congestion. As a result, transaction, ala “gas” fees have soared, causing major issues for every network participant.
The YIELD App team prides itself on being transparent and truthful with its loyal and trusted community. Due to the recent congestion on Ethereum, we must take temporary measures to ensure the sustainability of our platform and protect our users from decisions that are not cost-effective.
The long-term potential of DeFi is very exciting, and we’ve seen the total value locked (TVL) in the ecosystem reach new highs daily. However, YIELD App’s DeFi Alpha Fund I portfolio management currently relies on the Ethereum mainchain and our platform uses ERC-20 token deposits and withdrawals (USDT, USDC, and YLD). As such, we are subject to the swings in transaction fees on Ethereum, which have risen from an average of $0.09 per transaction in January 2021, to over $20 today.
In order to manage this situation, YIELD App must implement temporary measures to manage the current volatility and congestion on the Ethereum network:
- The minimum deposit is $100 USDC/USDT
- Any deposits under $100 will not be reflected in the user’s account
- Withdrawal fees will be increased to $20
This measure is being taken to ensure the sustainability of the YIELD App’s platform and to protect our users. Current gas fees are prohibitive for depositing amounts under $100, since a transfer of $100 USDT could cost upwards of $25 alone. This is not cost-effective for our users. Our withdrawal fee has been increased to $20 temporarily, but we will reassess the situation daily. In the meantime, we are looking into several types of solutions to reduce our transaction fees.
This is a small bump in the road, and there is a lot of great news to share with you. Here are some of YIELD App’s recent milestones:
- We are now floating around 30% of YLD’s circulating supply that has been staked inside the app.
- Our stablecoin deposits surpassed $3 million USD as our AUM continues to grow daily.
- We have over 4,000 YIELDers on the whitelist. We're adding users daily and the list keeps growing ahead of our impending public launch.
- The development team is working around the clock, enhancing core functionality.
- The YIELD App community, across our social media channels, is over 30,000, including 8,000 members in our Telegram channel.
Raising our minimum deposit and withdrawal fee was a difficult decision, however we hope our community understands these are temporary changes that will be adjusted as soon as the network settles down. We thank all YIELD App users for their loyalty and understanding and welcome all feedback. If you have any questions, please feel free to reach out to us through our community channels.
The YIELD App team