ROME, ITALY 22 FEBRUARY 2024: Digital wealth platform Yield App has unveiled a significant expansion to its staking program. Holders of the platform’s YLD token can now earn H1 tokens through its new Diamond+ program at an attractive APY of 25%. This initiative is set to heighten anticipation surrounding the imminent mainnet launch of security-focused on-chain finance protocol Haven1 and its native H1 token.
Yield App’s YLD token grants holders access to exclusive perks and the best earning rates on a growing range of digital assets, paid out daily.
To qualify for the maximum 25% APY, users must stake a minimum of 100,000 YLD on the Yield App platform. However, users staking amounts of YLD below this threshold will still earn a competitive 20% APY.
The enhanced rewards will be disbursed from the 300 million H1 tokens allocated by Haven1 to Yield App in August 2023. As well as offering long-term holders of YLD an opportunity to earn greater interest, the token provides an early entry into Haven1 – a Layer-1 blockchain incubated by Yield App and focused on institutional-grade security.
Tim Frost, CEO of Yield App, says: “We’re thrilled to be launching the limited-time Diamond+ staking program, which will act as the primary gateway for users looking to become early adopters of Haven1. With more than 40,000 users, 340,000 total transactions and over 1.4 million blocks minted, so far the Haven1 Testnet has been a great success and we’re looking forward to its mainnet launch later this year.”
Haven1 offers a secure environment to prevent hacks and resist the scams prevalent in on-chain finance. It incorporates a built-in proprietary provable identity framework at the network level, conducts at least two smart contract audits for any applications on the blockchain, and offers recourse mechanisms akin to those available in the traditional financial world.
A fully EVM-compatible chain, Haven1 intends to transition into an Ethereum rollup at a later stage, when this technology is more mature. It is designed to be scalable and user-friendly to facilitate the mainstream adoption of on-chain finance by both retail and institutional investors.
Moreover, Haven1 will allow third-party developers to innovate freely and create diverse applications. The H1 token, distributed through Yield App‘s Diamond+ program, will serve various functions on the Haven1 network, including governance and application fees.