Week 4 - Yieldly No Loss Lottery Results And Update

Big changes to the rewards system last minute

Jason Porter
3 min readJul 2, 2021
Photo by Ben White on Unsplash

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.

Screenshot of Yieldly rewards by Author
Screenshot of Yieldly rewards by Author

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.

Screenshot of Yieldly price on CoinGecko by Author
Screenshot of Yieldly price on CoinGecko by Author

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.

Screenshot of Yieldly rewards by Author
Screenshot of Yieldly rewards by Author

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.

Screenshot of Yieldly rewards by Author
Screenshot of Yieldly rewards by Author

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!

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