While Solana and Ethereum are the biggest blockchains with the highest DApp potential, there are other specimens like Algorand with some notable decentralized applications. Let’s talk about Interesting Algorand dApps you should try and follow.
Interesting Algorand dApps you should try and follow
Yieldly
Yieldly (YLDY) is known as a Protocol that allows users to stake multichain assets and swap cross-chain on Algorand. Yieldly’s development orientation is to become a cross-chain DEX that brings many benefits and convenience to all users.
The Yieldly platform is deployed on Algorand. Leveraging the core values of the Algorand ecosystem, Yieldly offers users fast transaction speeds, low costs, and extremely high security.
The no-loss betting and lottery solution will bring high liquidity and utility tokens to the community. This is the way to make the development project more prominent in the future.
The first Yieldly staking assets are sourced from Algorand. In particular, Yieldly’s assets include DeFi savings bonds. YieldlyPools is one of the key products driving the growth of Algorand’s DeFi ecosystem.
Tinyman
Tinyman is the first AMM decentralized exchange launched on Algorand that emulates the Constant Product Market Maker algorithm of Uniswap V2.
*AMM mechanism and algorithm make it easier and faster to trade without an order book. The smart contract will act as an intermediary between the seller, the buyer, and the liquidity pool
Tinyman’s main net launch marks the first AMM platform to attract capital flow and attention from lovers of Algorand’s technology platform.
In 1 week of launching the project attracted $16M of assets offered as liquidity. An impressive number with a new project on a new ecosystem, but no really impressive reward for Users.
Along with the increasing cycle of the market, ecosystems such as BSC, SOL, Avax, Terra, Luna, Polygon, Near … all have outstanding growth and gradually reach the saturation point. The growth rod is no longer high to attract investors.
Therefore, the cash flow will tend to move to new ecosystems, have a good technology foundation, and have not really flown strongly. Algorand is one of them.
Besides, Algorand’s launch of a $300M fund to support Defi dapps and AVM updates is also an event that attracts the attention of the community.
And when money flows into an ecosystem, AMM is the place to welcome that cash flow. Tinyman also announced a $2.5M seed round investment led by Borderless Capital.
Algofi
Customers can use the Algofi protocol to lend and earn passive income, and users can use leverage to increase trading positions and earn profits. In addition, Algofi allows users to buy crypto and earn interest without having to use a bank or a centralized watchdog. The introduction of the Algofi protocol contributed to the completion of the core trio of protocols on Algorand and this protocol is considered the DeFi hub of Algorand.
Relying on the Algorand platform has allowed Algofi to continue to expand its platform in terms of transaction volume as well as introduce new financial services in the near future. In the future, Algofi hopes to grow to be the first cryptocurrency bank that aims to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi).
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