Week 4 - Yieldly No Loss Lottery Results And Update
Big changes to the rewards system last minute
I connected to Yieldy this morning to see if I was the winner receiving 18,756.53 ALGO from the No-Loss Lottery prize pool this week and got a big surprise. No, I didn’t win, if I did I would let you know.
The surprise was I received 1 YLDY for my stake. That’s 8 less than last week for the same amount of 16 tickets I had previously staked.
Confused, I headed over to the Yieldly blog to see what was going on.
What was going on was a major update to how the rewards would be paid out.
The Yieldly team changed the way rewards were being distributed. They made an update changing the payout from a weekly payout to every 30 minutes. Here is what they said:
“From 10 am, 2 July 2021 (Singapore Time | GMT+8), Yieldly will be changing the rewards distribution from 0.70% of tokens distributed once every 7 days, to 0.002091% every 30 mins.”
This change according to Yieldly, will increase the number of rewards for those that stay in longer.
They also stated that it was a needed change to be able to grow and that to do the migration they had to update the parameters so basically it wouldn't do a double payout.
I have very little invested in this project so I am open to seeing where this is headed. This is a first on the Algorand blockchain and there will be some growing pains. So far I have lost nothing and gained a few YLDY that is worth at the time of writing $0.00778798 according to CoinGecko.
As for my staking of YLDY. My reward stayed the same as last week in terms of the amount I recieved. My claim amount of ALGO doubled to 0.0002 and my YLDY went from 0.30 to 0.40.
I look forward to this week to see if the claim of increased rewards holds. There is a growing community on r/yieldly in Reddit and recently the founders have popped in and answered questions.
Long-term Yieldly needs to get better communication about updates and major changes. Investors rarely give a project a second chance in the DeFi world with so many shady operators.
UPDATE:
I checked this morning (24 hours after publishing) and I had received 2 more YLDY so the update appears to be working.
If you are interested in learning more about Yieldly here are 2 articles:
As always, do your research. This is for informational and entertainment purposes only. This is not financial advice.
Thanks for reading!
