Yieldly CEO Says Interoperability In DeFi Is More Important Than A Market Leading Blockchain

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Decentralized finance (DeFi) is undoubtedly one of the flagship offerings of the crypto market. DeFi has provided users with alternatives to traditional investments that they would not otherwise have been able to access and this has been one of the main factors in the growth of the space.

Currently, there are a number of blockchains on which DeFi protocols are programmed, namely; Ethereum, Solana, Cardano, Algorand, which Yield is built, among others. These blockchains seem to be in an arms race to secure the most market share and dominate the space. However, Yieldly CEO Sebastian Quinn doesn’t think that’s the way to win. Instead, Quinn says, the focus should be more on interoperability between blockchains.

Quinn spoke to NewsBTC for an interview, where the CEO shared his thoughts on space, programmable blockchains, and exclusive insights into future listings for Yieldly’s native YLDY token.

NewsBTC: Can you tell us about your background and what led to Yieldy?

Sebastien quinn: My professional training is in company law. I worked in corporate law for about five years, mainly in the area of ​​corporate finance and mergers and acquisitions. Because of that, we saw a lot of great tech offerings, and I moved into tech full time doing a number of things – advising and helping startups. I have advised some of the very first ICOs that ever happened.

Then, during 2017, we helped a number of highly successful ICOs and a number of businesses which to this day continue to operate exceptionally. During this period, I also set up one of the first AI and blockchain accelerators, with the group JD.com, which is a large company listed on the Nasdaq. We started to see the early interest of large companies in understanding and wanting to work with distributed ledger technology.

For the past three or four years we have continued our work in space, keeping a very clear eye on trends and continuing to invest in projects. About two years ago now, we started to see a shift in the projects in our portfolio and the ones we advised, which were much more geared towards DeFi products in the space.

We thought it was time to use all of our learnings and really create a DeFi product that brings together our understandings of both crypto, corporate finance, and then a very real, lived experience of what the large companies like JD.com were researching when considering how crypto or DeFi can be used for traditional finance use cases. Yieldly came out of this experience.

NewsBTC: Why did you choose to rely on Algorand rather than other blockchains?

Sebastien quinn: The business opportunity, in terms of we knew we could have a business advantage if we were one of the first in the market to provide DeFi on a large Layer 1. Algorand, as a protocol, has some technical advantages by compared to Ethereum. Algorand is significantly faster and you have 40,000 TPS. It is extremely low cost and reliable. Gasoline and transaction fees do not fluctuate. It is also a negative carbon footprint which is important for us.

It also has technical advantages. It’s been around for over 2 years and it has never been offline. Crypto must be designed to attract the next 100 million users and it must be designed in an extremely user-friendly way. Algorand ticks all of these boxes. The technology is fundamentally more user-friendly than its peers at the moment.

NewsBTC: Yieldly’s native token (YLDY) has just been listed on the MEXC exchange, are there any other exchange listings we should expect?

Sebastien quinn: We fought hard for Yiedly to be the first DeFi product on Algorand and for us to be recognized by stock exchanges for listing our token as well. Our token is built on Algorand and Algorand Standard Asset (ASA), which means most exchanges have not generally integrated their technology to enable this ASA.

We were fortunate to be the first ASA listed on MEXC. Additionally, we have proactively engaged with the Korean exchange Probit. We will be listed there in the short term, making YLDY the first ASA token listed in Korea.

Regarding future trade lists, a number of discussions are currently underway with trade mark exchanges. Without revealing the game, you can basically identify exchanges that are very public and want to list Algorand’s assets. We work closely with our partners to manage and launch our token on these exchanges.

NewsBTC: Currently, when people think of NFTs, they think of Ethereum. How does Yieldly plan to further push NFT adoption on Algorand’s blockchain?

Sebastien quinn: One of the coolest things to happen in crypto this year has been the rise of all interest in NFTs as an asset. It is a product that is very popular with a large number of people. It affects a large number of interest groups.

You are correct that the majority of this happens in Ethereum, but there is no real reason for this to be the exclusive domain. NFTs on Algorand make a lot of sense. It’s user-friendly, inexpensive to process, inexpensive to create, it’s a straightforward process to create NFTs on Algorand.

We follow a process to create tools that enable a thriving and healthy ecosystem on Algorand. About 400 creators presented and sent NFTs to distribute to the community. We’ve had NFT creators on Ethereum reaching out to us and asking for help knocking on Algorand because they want to bring their NFT collections.

We believe it is only a matter of time. There will be an NFT ecosystem that may have a chance to compete with some of the larger crypto NFT ecosystems at this time.

NewsBTC: How does Yieldly differ from other DeFi protocols on the Algorand blockchain, and of course, on other programmable blockchains like Solana?

Sebastien quinn: We have always wanted to be the first to prove that applications for DeFi can exist on Algorand. The numbers speak for themselves in terms of validation. At our peak, we had roughly $ 160 million in play in our staking pools. We are consistently in that $ 100 million mark.

There is no competitor in the state in Algorand. We continue to create products that matter to prove our extended use cases for DeFi. We have staking pools not only for Yieldly, we have staking pools for multiple projects on Algorand. We have the greatest asset diversity for anyone who holds ALGO or ASA tokens to allocate those assets to our products.

The way we compete with protocols on other blockchains is through some great use cases that we try to proactively resolve on Algorand. We compete by having technology that is based on a technically better protocol.

NewsBTC: What innovations are you most excited about the DeFi space?

Sebastien quinn: One area that catches our attention right now is the intersection of what’s happening with NFTs and what’s happening with DeFi, where they converge. We’re seeing some really interesting things happening where with smart NFTs people can do more than just hold them. You get dividends from these NFTs.

From a technological point of view, this opens up a whole series of use cases to create more interesting financial products or pseudo-financial products. I think there are still a lot of innovations to be made.

Then, everything to do with how the regulatory environment looks at how to treat DeFi and the acceptance of DeFi as a technological product, which can be used and accessible by a greater number of people.

NewsBTC: What do you think has been your greatest achievement during Yieldly’s year of activity?

Sebastien quinn: It’s been a crazy year. Everyone in this industry knows that the pace is unprecedented in almost any other industry. Things are happening extremely quickly. I would say launch the product and get validation from users that the things we’ve built matter to them.

We’re very excited to be on the cusp of creating products that will last a long time and being in an industry that is just beginning and making some very interesting disruptions along the way.

NewsBTC: Do you see a blockchain like Algorand overtaking Ethereum in the future?

Sebastien quinn: We are somewhat technology agnostics. Our view of the world depends on where we can create the most user-friendly products. Right now, Algorand has a very compelling argument, which is why he was chosen to build our product.

We know there is still a long way to go in the adoption of crypto around the world. We also recognize that we cannot necessarily stick to just one protocol. The idea of ​​interoperability is extremely important, and that is reflected in the technology that we have built. We built the first Ethereum bridge to Algorand to allow the exchange of DeFi tokens through it.

We have to be very realistic that none of us have a crystal ball on the protocol that will be in place. But what we all know is that the industry will continue to grow and evolve, and so we want to make sure that our product and our technology is built on the best protocols to suit our users and cases. of use. At the moment, there is really no comparison with Algorand.

NewsBTC: To conclude, what price range would you put Bitcoin and Ethereum in by the end of the year?

Sebastien quinn: We are maximalist crypto and Bitcoin is the canary of the crypto coal mine. We don’t see crypto going anywhere other than a world where it is more embraced and ubiquitous as a technology essential to major use cases across the globe. It wouldn’t surprise us if Bitcoin is indeed above $ 100,000 in the very short term.

Featured image from ProBit Global Support

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