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. Algorand also has other notable projects such as Smile Coin Network (SMILE), Asia Reserve Currency Coins (ARCC), and Opulous International Blockchain Monetary Reserve (OPUL), to name a few.
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”Sebastian Quinn (founder of Yieldly) said,
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. “Yieldly partners with Xfinite to help kick-start staking efforts. 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. MEXC Global also lists XET. 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. The mechanism eliminates technical obstacles that have impeded mainstream adoption of blockchain technology for many years. It also creates a sustainable, carbon-negative environment.
About Xfinite
Xfinite by Algorand is a Blockchain-based platform. It’s designed to re-establish the trust between content creators, consumers and publishers. Xfinite’s utility token, XET, the native currency of the Xfinite ecosystem, is listed on Bitmart and MEXC. The Xfinite eco-system helps media and entertainment companies combat fraud and increase transparency. It also creates a new culture of engagement. The dAPP Mzaalo decentralized app for video on demand (VOD), is the first to use it. Mzaalo has 12,000 movie options, which include Originals and Live TV.
About XET
The native currency of Xfinite’s ecosystem, the XET token. 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. Because it’s cost-efficient at scale, and suitable for microtransactions, the XET token has been built using Algorand Blockchain. Average transaction costs are less than $0.001. Algorand has also been a leader in carbon negative technology.