Staking Your Earned YLDY To Earn ALGO + YLDY
Claiming your DeFi rewards from Yieldly, the world’s first no-loss lottery on Algorand
I didn’t win the Yieldly lottery this week. What I did win was my YLDY rewards for entering the lottery by staking ALGO.
Last week, I entered Yieldly’s no-loss lottery with 3.78 ALGO. I wrote about this new decentralized finance (DeFi) application built on the Algorand blockchain here:
Yieldly — The World’s First No-Loss DeFi Lottery On Algorand
14 million dollars already staked and growing. Here is how to get started.
After successfully staking those ALGO, I went back and staked more, making a total of 17.47 ALGO staked. This gave me 17.47 lottery tickets that didn’t show up until after the drawing. After doing some research, I had found out that you have to leave your ALGO staked until after the drawing to get the YLDY rewards. They will not show up until the drawing happens.
Here is how to claim and stake your rewards:
The amount I received for my staking was 10.879 YLDY, which I had to claim from the Claim Rewards button.
Choose the claim tab.
Hit next and sign your transaction. The cost of my transaction cost 0.001 ALGO.
Your YLDY should now show in your wallet.
To stake your YLDY to earn YLDY + ALGO, go to the YLDY staking page and click the green stake button.
You will have the staking window open where you can choose how much you would like to stake.
My cost to stake YLDY was 0.002 ALGO.
Now on the Overview page, you will see your Tickets, Algos in your wallet, Staked YLDY, and YLDY in your wallet.
If you would like to leave your ALGO staked another week, you don’t have to touch it as it automatically enters you for the following week. Let’s see if I can win big next week!
Wish me luck;)
What is next for Yieldly?
A new feature that I will be exploring next is the cross-blockchain bridge connecting Yieldly to the Ethereum network for cross-chain staking. This is a huge milestone for development on the Algorand blockchain. I look forward to testing out the features they have planned.
Thanks for reading.