The first Xfinite staking pool will launch November 17th on Yieldly, where users stake to generate rewards in the form of XET.
We are thrilled to announce the upcoming launch date of Xfinite staking pools on Yieldly’s platform. The first Xfinite staking pool will launch November 17th on Yieldly, where users stake to generate rewards in the form of Xfinite’s native token, XET. Through XET, and its future use cases, Xfinite aims to revolutionize digital media through innovations to customer experience, data-driven engagement and ecosystem economics.
The collaboration will allow Yieldly users to stake Xfinite’s eponymous native token, XET, to generate rewards. Xfinite will also supply NFTs to be distributed via Yieldly’s Prize Games, where users who stake in the Xfinite pools will also stand the chance to win rare NFTs. Akin to Yieldly’s other staking partnerships, this one seeks to foster further utility for the Algorand ecosystem and unlock liquidity for the next-generation media platform, Xfinite. With Algorand’s transactions settling in ~5 seconds and gas fees as low as $0.001 per transaction, the staking pools will leverage the green blockchain’s unparalleled speed and transaction finality.
The collaboration intends to drive development and motivate mass adoption, permitting Yieldly and Algorand’s neighborhoods with more than 10 million users to quickly access the tokens. “We are thrilled to announce this collaboration that will enable users to stake and claim their rewards at any time in these pools, enhancing the value of the ecosystems involved. We hope to bring more flexibility for DeFi participants and support the growth of Xfinite’s solutions”, stated Sebastian Quinn, creator of Yieldly.
With this cooperation, Xfinite’s special NFTs will likewise be offered in the Yieldly’s Prize Games to those who stake in the Xfinite swimming pools. “Xfinite partners with Yieldly to kick start staking initiatives. It’s our first step towards enabling different staking mechanisms for XET holders. This partnership presents a great opportunity for our community, to access staking rewards by leveraging the power of XET”, stated Swaneet Singh, Xfinite’s CEO.
