Well I’m an early adopter, me! I was minding my own on Telegram, checking out BitBoy Crypto and an announcement came up about a new app called Yield App that claims to make DeFi simple to take part in – I’ve been trying to wrap my poor sore head around DeFi and trading for a while so I was all over that like a rash!
I clicked on the announcement and there was a list of tasks to complete including joining their Twitter page and other social media. Once completed I was eligible to be an early adopter and in line for some bonus $YIELD – that’s their token btw. I love a bit of free cash and I’ve missed out on so many airdrops so it was good to be not just on time but early for a change – if you knew me personally, you would understand just how epic that is, truly!
I went onto the Yield.app website and browsed some of the blog posts explaining what DeFi is and this is what I took from that ….
DeFi stands for Decentralised Finance which is the opposite of CeFi (Centralised Finance ie banks etc) and you know by now, unless I’m not explaining myself properly, that decentralised means on lots of computers not just one central server. Finance is hopefully self explanatory but if not it basically means money or assets.
I then watched a YouTube interview with Tim Frost and Justin Sexyvoice (not his real surname but after watching the vid 15x that’s what I’m calling him!) the co-founders of Yield.app but all I really took from it was “places I’ve worked before, big words, numbers, more big words” and I had lots of questions. I went back onto the Yield App telegram chat and spoke to a member of the admin team called Martin Riverain, he was friendly and helpful and agreed to answer my questions so I sent him my list.
While waiting to hear back from Martin, I wandered around the chat, checked out the pinned message and found out that there had already been a private presale for $YIELD which raised $2.8M, that they have a banking licence and they will be bringing out a card next year.
Yield.app have collaborated with Trustswap for their public presale which will be held on 7th Dec, it will be capped at $600,000 with 2 different prices:-
$0.07/$YIELD these tokens will be locked and released in stages on 14 Dec 2020 (1/3rd) 14 Jan 2021 (1/3rd) 14 Feb 2021(1/3rd)
$0.14/$YIELD these will be unlocked
What that means is that the tokens bought at the lower price will not be able to be traded or spent until the end of the lock up period but the ones bought at the higher price can be used immediately. I’m going to buy them at the lower price because I have ‘weak bags’ ie I’m a very small investor with not a lot to spend so I need to make the most of what I’ve got plus they say ‘good things come to those who wait!’
On 14 Dec Yield.app goes live, you will be able to buy and stake $YIELD on Uniswap and another Cex (Centralised Exchange) TBA.
How to presale
In order to take part in the $YIELD presale there are a number of steps involved, this is what I did:-
You need a Web 3.0 compatible wallet so I used my Metamask, I read the Medium article in the pinned message, went onto Uniswap and swapped some of my ETH for 2000+ $SWAP which is the minimum amount you need to have staked to guarantee your allocation of $YIELD in the presale (allocation means the amount of $YIELD you will be eligible to buy at the presale price) if you don’t stake $SWAP you risk not being able to buy because there is a very high interest in $YIELD so only those with staked $SWAP will get in.
Next I created a Pool on Uniswap and staked my $SWAP, then I went back to the Medium article to find out what to do next, that was when I discovered I’d foofed up already! I should have followed the links in the Medium article and I would have found myself on the Trustswap app which is where you are supposed to stake your $SWAP, my bad! So I went back to Uniswap, unstaked my $SWAP where it had been sitting for an hour, was pleasantly surprised to earn a bit on top including the LP tokens, then went back onto Trustswap and staked it there instead.
The next step was to get some $USDT (Tether) to pay for the $YIELD – Yield.App will initially support $USDT, $USDC and $YIELD – I went back to Uniswap and swapped some more ETH, this time for USDT then I went back to the article to see what to do next.
At 9am PST (5pm GMT) today a portal will open on the Trustswap app leading to a form, it will remain open for the next 12 hours during which you will need to submit your KYC/AML (Know Your Customer/Anti Money Laundering) details including a photo of your government issued ID (I’m using my Driving Licence because I don’t have a passport) a selfie of you holding your ID and a piece of paper on which you have written “YIELD 7 December 2020”.
You will also need to fill in your ‘pledged amount’ on the form – the pledge is how much USDT you are prepared to commit to spending on $YIELD, it is not necessarily what you will be allocated as that depends on the overall subscriptions and will be distributed fairly by Yield. Once you have completed those steps you need to wait to receive an email from Yield telling you your allocation, once you receive the email you will have 24 hours to pay for your $YIELD allocation then sit back and watch Yield.App work!
Sorry that last part is a little misleading, you will need to wait until 14 Dec for the TGE and app launch at which point you will be able to stake your unlocked $YIELD at a guaranteed 12% APR, 12% – try getting THAT at your current bank! There are a lot more details available on the Telegram pinned messages, Yield’s social media and on Yield.app, that are well worth a read – I just wanted to get this article out today in response to the myriad questions fired at the Yield admin by other crypto noobs like myself.
Yield App describe themselves as “DeFi for Dummies’ and this DeFi Dummy is onboard for the long haul – RIP traditional banks, Long Live Yield.App!