Xfinite (XET) Partners with Yieldly for a New Staking Pool
November 11 2021 - 5:33AM
NEWSBTC
Xfinity’s ecosystem utility token, XET, is one of the four largest
Algorand Standard Assets (ASAs) to launch the new staking pool
partnership with the DeFi platform Yieldly on the 17th of November.
The multi-asset pools also include other outstanding projects
powered by Algorand: Smile Coin Network (SMILE), the Asia Reserve
Currency Coin (ARCC) from the International Blockchain Monetary
Reserve, Opulous (OPUL), among others. The partnership aims to
drive growth and encourage mass adoption, allowing Yieldly and
Algorand’s communities with more than 10 million users to easily
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”, said Sebastian Quinn, founder
of Yieldly. With this collaboration, Xfinite’s unique NFTs will
also be available in the Yieldly’s Prize Games to those who stake
in the Xfinite 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”, said Swaneet Singh, Xfinite’s CEO.
Xfinite’s utility token, XET, was recently listed on the globally
integrated trading platform, Bitmart, allowing more than 5 million
users across 180 countries to buy and trade XET in a fast and
secure transaction. XET is also listed on MEXC Global. Through XET,
the Mzaalo dApp, and Xfinite’s future use cases, are to
revolutionize digital media through innovations to customer
experience, data-driven engagement and ecosystem economics.
Xfinite’s ecosystem is powered by Algorand, a blockchain that
offers scalable, fast, and trustworthy technology. Algorand’s pure
proof-of-stake (PPOS) consensus protocol ensures full
participation, protection, and speed to its decentralized network,
with blocks finalized in seconds. This mechanism removes the
technical barriers that for years were in the way of mainstream
blockchain adoption, at the same time that builds a more
sustainable and carbon-negative environment. About Xfinite Xfinite
is a blockchain-based platform powered by Algorand and designed to
re-establish trust between consumers, content creators, and
publishers. Xfinite’s utility token, XET, the native currency of
the Xfinite ecosystem, is listed on Bitmart and MEXC. The Xfinite
ecosystem helps the media and entertainment industry combat
advertising fraud by increasing transparency and creating a new
habit of engagement. Its first use case is the dAPP Mzaalo, a video
on demand (VOD) decentralized application available on iOS, Play
Store and web. Mzaalo offers 12,000 movies, including Originals and
Live TV. About XET The XET token is the native currency of the
Xfinite ecosystem. It works on the proof of engagement, meaning the
more users interact with the token through Xfinite’s use cases the
more incentives they earn. XET functions as a unique value exchange
and governance mechanism for all stakeholders including users,
brands & influencers, and content producers. The XET token was
built on the Algorand blockchain because it is cost-effective at
scale and therefore perfect for microtransactions. The average cost
is less than $0.001 per transaction. Algorand is also a world
leader in carbon-negative technology.
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