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.
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.
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.