In this article, I will teach you a step-by-step tutorial about Yieldly, an amazing DApp platform built on the Algorand blockchain.
In particular, I will show you how to get a nice 28% ROI using the staking pool of Yieldly Finance.
There is also a no-loss lottery, but I don't suggest doing that because you can earn more money through staking.
Let's go to the guide:
1) Make sure to create a wallet on MyAlgo and deposit some ALGO tokens there. (tutorial here)
2) Go to https://app.yieldly.finance/ and click on "Connect Wallet" in order to connect MyAlgo Wallet to Yieldy. (tutorial here)
3) Add YLDY token to MyAlgo Wallet. (Tutorial here)
Warning: this is a very important step. Make sure to do it right and that you will see the YLDY token in your wallet!
4) Now it is time to buy some YLDY tokens. Unfortunately, there is no way to directly swap ALGO to YLDY, but we need to use a small exchange called MEXC.
It is not widely known, but it looks legit and reliable.
5) MEXC only allows trading using USDT, so the whole process is quite cumbersome. Anyway, a big pro of this exchange is that it doesn't require KYC for amounts lower than 0.3 BTC.
So, let's register on MEXC, confirm our email, and set up google-authenticator.
Then we can deposit some coin or token, for example, ALGO.
Trade ALGO to USDT and then USDT to YLDY.
6) Withdraw YLDY to MyAlgo Wallet.
I repeat myself here: first, make sure you have added YLDY in your wallet; otherwise, you won't be able to receive this token!
7) Once you have withdrawn YLDY, you can return on https://app.yieldly.finance/staking, then "Connect Wallet" and click on "Stake".
Enjoy your passive income and remember you can unstake at any time.
If you need further help, feel free to ask in the comments.
