YLD, the utility token of YIELD, a platform that describes itself as a portal for “simpler” DeFi, is now available for trading at Uniswap and BitMax, a press release on Dec 14 reveals.
The $4.9 Million Funding
It is a culmination of months of preparation by the YIELD team, and success following their Token Generation Event (TGE).
In early Dec 2020, Yield raised $4.9 million from a hybrid funding round led by Alphabit, PALcapital, and Digital Strategies. Specifically, the project raised $270k, raising $150k within the first 24 hours of launching at the BnkToTheFuture, an investment platform.
It was three times overbooked on TrustSwap where they went on to raise $1.2 million. During the private sale, vested tokens were sold for $0.07. However, the unlocked YLD tokens were sold each at $0.11.
Supporting the Yield Project
A representative of the DeFi banking platform told CoinDesk that funds will be used to support the current working capital.
Funds will also go towards promoting YIELD, procurement of additional licenses, and to further promote their portfolio management system.
The project is audited and insured through the YLD Insurance Fund.
Overly, there will be 300 million YLD as total supply, and an initial circulating supply of 33.3 million. 26 million were distributed to investors while one million YLD tokens were sent to the company reserves and BitMax. Additionally, one million YLD tokens have been set aside for staking.
Through YIELD, users have a chance to boost their APY to 20 percent and earn up to 10 percent on their tokens through YLD staking.
An Opportunity to Test and Profit
Presently, users who sign up and get access as early adopters have a chance to invest in YIELD’s DeFi Alpha I fund. With this, they can also test out Yield’s wallets using USDT, USDC, and YLD tokens.
Commenting, Adrien Geneste, the Communications and Product Marketing Lead at YIELD said:
“The focus now is 100 percent on the product and platform to deliver on our promise to users: namely, high returns through a simple app. YIELD is a real product with real value, and our token is only one side of the coin. We are looking to provide our users with a long-term, stable, and profitable solution.”
In 2021, Yield plans to partner with exchanges for fiat integration, release a mobile app, and support more crypto assets, including ETH, BTC, and DAI.